TMG (Netherlands) reduces workforce by 12%

Dutch media group TMG, publisher of paid paper De Telegraaf, free daily Spits, magazines, local dailies and free weeklies will lay off 425 of its 3600 employees. How this will affect the journalists working at the different papers is not yet clear.

The company suffers from declining ad revenues and had to write down €185m because of a reduced value of their shares in commercial broadcaster ProSiebenSat1.

Printing and distributing costs further added to the disappointing result of a net loss of €176m.

TMG will integrate some of its daily-publishing activities, the company announced earlier this week.

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