September 20, 2013 / 7:17 AM / in 6 years

Finland's Sanoma looking to cut Dutch magazine titles -report

AMSTERDAM/HELSINKI, Sept 20 (Reuters) - Finnish media company Sanoma is looking at major layoffs in its Dutch publications with editors asked to submit cost-cutting proposals as part of a strategic review, a Dutch business daily reported, citing anonymous sources.

Sanoma is due next month to lay out a comprehensive restructuring plan, expected to include cost-cuts and asset sales, following a drop in its advertising sales as well as difficulties in turning around a TV acquisition in the Netherlands.

People familiar with the Dutch situation told newspaper Het Financieele Dagblad that the number of jobs to be cut is still unclear, but Sanoma has applied for collective redundancies and invited unions for consultations in November.

“The scale is unprecedented,” one of the sources told the paper, adding that half of the Dutch titles would be shut down.

Sanoma publishes more than 100 magazine and online media titles in the country with about 2,250 employees, including Dutch TV.

The paper suggested Sanoma was also looking for savings and possible divestments in Russia, Hungary and Belgium.

Sanoma declined to comment. (Reporting By Sara Webb and Jussi Rosendahl. Editing by Jane Merriman)

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