Germany’s second largest news agency DAPD has filed for bankruptcy, according to AP reports.
Over 299 full-time staff will be affected as the company goes into administration. Insolvency proceedings have been agreed by the District Court of Berlin-Charlottenburg.
In a statement, the company said that it will continue to produce news “with the same quantity and quality” during its period of administration. Martin Volderwulbecke, DAPD Media’s CEO, said that the insolvency law “will provide opportunities for us to find sustainable solutions for the company and its employees.”
DAPD news agency was founded in 2010 after a merger between the West German news agency DDP and the German branch of the American news agency Associated Press (AP).
Roy Greenslade in the Guardian says that the news market in Germany is highly competitive with Reuters and AFP fighting for control of German-language services. The news agency’s insolvency proceedings are not expected to affect the organisation’s holding company DAPD Media and its other 18 companies.