Alma News Media Plans to Discontinue Print Titles and Shift Focus to Digital, Initiates Restructuring

Alma News Media Plans to Discontinue Print Titles and Shift Focus to Digital, Initiates Restructuring

(IN BRIEF) Alma News Media has announced plans to accelerate its digital growth strategy, which could lead to the discontinuation of three print publications: Kauppalehti Optio, Fakta, and Mediuutiset. As part of this shift, the company has initiated change negotiations that focus on improving the efficiency of its operations and reorganizing editorial departments, particularly in technical, automotive, and lifestyle journalism. The changes may result in a reduction of staff by up to thirty positions, with eighty employees potentially affected. Alma News Media is aiming to strengthen its focus on digital journalism and enhance its online news coverage and content offerings, particularly for Kauppalehti and Iltalehti.

(PRESS RELEASE) HELSINKI, 30-Sep-2024 — /EuropaWire/ — Alma News Media has announced plans to accelerate its digital growth strategy, which may involve discontinuing certain print publications, including Kauppalehti Optio, Fakta, and Mediuutiset. The company has initiated change negotiations, which will focus on improving the efficiency of these publications, reorganizing editorial functions, and exploring potential impacts on employees. The need for these changes stems from declining profitability and a shift in focus towards digital media operations.

As part of the restructuring, Alma News Media is considering adjustments in its editorial departments, particularly in areas such as technical, automotive, and lifestyle journalism. One proposal includes transferring Mikrobitti magazine to the consumer media division. These moves are aimed at improving productivity and eliminating overlapping roles.

Juha-Petri Loimovuori, EVP of Alma News Media, highlighted the challenges facing advertising-funded print media, worsened by Finland’s economic recession, and reaffirmed the company’s commitment to strengthening its digital products, including Kauppalehti and Iltalehti. He emphasized their focus on enhancing digital journalism, video, and audio content to better serve subscribers and advertisers.

The restructuring could potentially result in job losses, with up to thirty positions being affected, and the negotiations will involve around eighty staff members from a total of nearly three hundred editorial employees.

Alma Media in brief

Alma Media is an international company of digital media, marketplaces and services with a strong capacity for renewal. We inspire human curiosity and choice by creating services that combine technology and content with a local heart. In Finland, our best-known brands include Kauppalehti, Talouselämä, Iltalehti, Jobly, Etuovi.com, Nettiauto and Nettimoto. Our recruitment services include prace.cz and jobs.cz in the Czech Republic, Profesia.sk in Slovakia and mojposao.net in Croatia.

In Finland, our business operations include leading housing and automotive marketplaces, financial and professional media, national consumer media and content and data services for businesses and professionals. Alma Media’s international business in Eastern Central Europe, Sweden and the Baltic countries consists of recruitment services and an online marketplace for commercial properties.

Alma Media operates in 12 countries in Europe and employs approximately 1,700 professionals. Alma Media’s revenue from continuing operations was EUR 305 million in 2023 of which the share of digital business was 82%. Alma Media’s share is listed on NASDAQ Helsinki. Read more at www.almamedia.fi/en/.

Media Contact:

EVP Juha-Petri Loimovuori, Alma News Media
Tel. +358 500 511036
E-mail: juha-petri.loimovuori(@)almamedia.fi

SOURCE: Alma Media