In the abolition of 500 jobs but also about 200 magazines, the German journalistic group advances RTL Group to focus “on core titles” amid a print media crisis and rising costs, it announced today.
“500 jobs will be eliminated from the group’s headquarters in Hamburg, in all sectors,” the company, a subsidiary of the German publishing house Bertelsmann, said in its announcement, as reported by the Athens News Agency.
RTL Group currently has 7,500 employees in Germany.
The group also wants to reorganize its publications and focus on its core titles, “which represent around 70% of current sales”.
RTL Group will retain approximately 10 magazine titles, which it owns through its subsidiaries.
“These decisions were taken in the context of the rapidly evolving media environment and the difficult macroeconomic situation,” explained Thomas Rabe, president of RTL Germany.
For several years, the print press has been in decline compared to the internet, while the energy crisis and inflation – which significantly increased some costs, such as buying paper – worsened the situation.
The unions criticized the announcement, but the management of the group pledged to invest “80 million euros until 2025”, mainly in the internet, for the magazines that will be preserved.
The RTL group owns 56 television networks and 36 radio stations in Europe as well as newspapers, mainly in France, Germany and Luxembourg.
Source: News Beast
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