The savings plan for last year did not work, now the magazine publisher has to cut 60 man-years in Norway.
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The magazine publisher Story House Egmont is now taking the consequences of the negative result in 2023.
In a press release, the company writes that this involves joint management and closer cooperation across national borders within the European Story House Media organization and downsizing of 60 man-years in Norway.
Story House Egmont is Norway’s largest publisher of magazines, comics and digital services. The company is behind magazines such as Hjemmet, Bonytt, Her og Nå, Vi Menn and Kamille.
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Must reduce costs
In the press release, managing director of the media section of Story House Egmont, Per Kjellander, writes that the trend from 2023 has continued into 2024 and that last year’s savings plan was not enough.
– We will have to further reduce costs and staffing in the Norwegian business, in order for it to be profitable and financially sustainable, writes Kjellander.
The employees of Story House Egmont in Norway were informed about the downsizing today. Termination packages and gift pensions will be offered.
The downsizing will affect both the editorial environment as well as sales, marketing and joint functions such as IT, technology and finance. In addition, some areas that lie outside the strategic core areas are being discontinued, the press release states.
