Schibsted cuts cost in 2009

Norwegian publisher Schibsted (paid and free newspapers in Europe, online activities) has approved a ‘profitability’ plan for 2009 of NOK 500 million (€58m). More than half (NOK 300m) must come from cost cuts.

For free daily 20 Minutos in Spain already a NOK 5 million cost cuts program (per year) is implemented. The Spanish situation is difficult as print revenues for 20 Minutos have already declined by 25%. In total 20 Minutos Spain (Schibsted owns 80%) lost €5.7m in Q3 2008.

In France (20 Minutes) the situation seems somewhat better with a 3% revenue decrease. Online revenues have grown although it is not yet profitable. In Q3 the total French operation lost €1.4. (Schibsted owns 50% of the French operation.)

Online visitors of both websites increased in Q3 2008 compared to Q3 2007. In Spain has almost 5 million unique monthly visitors. In France has almost 2 million visitors.

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