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    Norway’s Schibsted Media to cut 13pc of workforce

    OSLO (AFP) – Norwegian media group Schibsted Media, owner of major newspapers in Norway and Sweden, said yesterday that it was cutting 13 per cent of its workforce in the face of falling print circulations and stagnating advertising revenue.

    Around 350 full-time staff positions will be cut by the group, which currently has some 2,800 employees in Norway, Sweden, Finland and Poland, it said in a statement.

    Founded in 1839, Schibsted publishes Norwegian tabloid Verdens Gang (VG) and newspaper Aftenposten, as well as the Swedish daily Svenska Dagbladet and newspaper Aftonbladet.

    “It is not an easy decision to have to let go of skilled employees, but given how the economic situation has developed, there is no alternative,” CEO Siv Juvik Tveitnes said.

    In December, Juvik Tveitnes warned that stalled advertising revenues and digital subscriptions, combined with a drop in print circulations and rising costs, were making restructuring necessary.

    PHOTO: ENVATO

     

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