Greece?s best-selling daily to cease publication

[ahlam1399]

Greece?s best-selling daily to cease publication

ATHENS: Two historic Greek newspapers, including the country’s best-selling daily, will cease publication, the debt-ridden Lambrakis Press Group an**unced on Saturday.

“’To Vima’ weekly and ‘Ta Nea’ daily are forced to cease their publication within days due to financial reasons,” the company said in a statement.

Lambrakis Press Group (DOL) “is lacking any available resources and as a result it can’t support the printing of its newspapers and, of course, can’t ensure the unhampered operation of the other media outlets it owns,” it added.

Besides the two newspapers DOL owns numerous magazines, news sites and the Vima FM radio.

DOL failed to pay its 99-million-euro debt obligations in December, Antonis Karakoussis, director of the Vima newspaper and Vima FM radio said on Wednesday. He added that this situation was the result of the eco**mic crisis Greece has faced since 2010 which has already led to the closure of many media outlets.

In Saturday’s statement DOL accused the creditor banks of putting the press group in a special management regime without providing for the continuation of its publications.

Lambrakis Press Group, one of the shareholders of the Mega Channel TV station that is also heavily indebted, has also faced legal turmoil over the past months, with its president, Stavros Psycharis, being prosecuted for tax evasion and money laundering.



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