Sanoma to Cut 500 Jobs in Netherlands

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Finland's largest media group Sanoma plans to cut magazine titles and 500 jobs in the Netherlands, Reuters reports.

The company’s decision follows a fall in advertising sales and an unsuccessful Dutch acquisition.

Sanoma Logo - Flickr

Sanoma would also cut 70 staff in Finland and in total aim to save €100 million in annual costs.

According to the company, it would likely pay lower-than-historical dividends in the near-term due to restructuring costs.

Sanoma's third-quarter profit fell 4% from a year earlier to €77 million. The company has about 10,000 employees in total, and it publishes about 250 magazine titles, produces learning materials and has television businesses in the Netherlands and Finland.