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Prague Business Journal Shuts Down

The rumors were finally confirmed today. Here's the first paragraph of the PBJ's defiant good-bye statement:

The Czech Republic’s most respected English-language newspaper, Prague Business Journal, ceased publishing this week after eight years on the market. The decision was based on Prague Business Journal s.r.o.’s insurmountable tax debts, which largely resulted from poor management practices in the past and a faulty business model adopted at PBJ’s founding.
Here's a brief Fleet Sheet lament, comment from ex-PBJer Scott MacMillan, and also from former Prognosite Doug Arellanes.

The PBJ always had thick drops of Prognosis blood in its veins; our last editor, Charles Hornberger, was PBJ managing editor in the early days, and the one-woman journalism monster Hana Lesenarova was their star reporter until just recently. Together with the brilliant founding editor Vlad Jenkins, they made and met a goal of breaking huge news stories every week. Gross business-side mismanagement eventually brought them down.

Meanwhile, there are rumors that New World Publishing's flagship Budapest Business Journal (where I worked from 1995-97) is on the verge of securing a new investor. Let's hope so!

Matt Welch | East Euro Current News | Jan 12, 2004 | Comments (6)

Comments


I cn't stop laughing. The Fleet Street mentions tunneling. Why do people need grand conspiracies to explain simple stupidity? I was (am?) a small shareholder in NWP. All three of NWP's Business Journals, Budapest, Prague and Warsaw, teetered on the edge of insolvency from day 1. So the thought of tunneling is absurd. How did these wonderful businesses fail, then? It's impossible, in the long run, to build a business when 30% of your clients (ie briefly transplanted foreign executive readers) are moving away every year. If NWP was guilty of anything, it was gross over-optimism and sheer bull-headed determination. The combination allowed the papers to survive far longer than any normal business should have.

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