Germany's second biggest news agency, DAPD, has filed for insolvency protection. The agency has been struggling ever since it was founded three years ago.
All six subsidiaries of the DAPD holding company announced they were going into bankruptcy, putting 299 jobs at risk.
Chief executive Martin Vorderwuelbecke said the move might lead to "a sustainable solution for the companies and the employees."
DAPD was formed in 2010 after a merger of the DDP agency and the German service of the US news agency, Associated Press (AP). Its main competitor on the German market is the national news agency, Deutsche Presse Agentur (DPA).
Competition between news agencies in Germany is extremely high, with Reuters and AFP also vying for a share of the market with German-language services.
Sources: AFP/Deutsche Welle
