Schibsted Media Group (SBSNF.PK) said it implemented measures that will reduce the cost base in the business area Media Houses Scandinavia by around NOK 190-210 million.
According to the company, parts of the effect are a consequence of reduced headcount by 160-200. Schibsted Media noted that the measures will be implemented in the period 2012-2014 with a majority of the effect in 2012.
The company stated that the measures will affect the operations in Media Norge and VG in Norway, as well as the Schibsted operations in Sweden, mainly Aftonbladet.
In Media Norge and VG, gratuity pension will be offered for employees reaching 62 years in the period 2012-2014. The scheme is expected to reduce the cost base of the Norwegian operations in Schibsted by NOK 70-90 million, Schibsted Media said. The company added that headcount number will be reduced by 100-120. The measures will be implemented gradually in the period 2012-2014.
The company noted that the measures in Norway and Sweden will imply restructuring charges of around NOK 200 million, probably in the fourth quarter of 2011.
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