German media giant RTL Group said Tuesday it is cutting 500 jobs and will dump about 20 magazines in Germany due to the continued print media crisis and rising costs.
The jobs will be lost in the northern city of Hamburg, said RTL Group, which is a subsidiary of German media and publishing group Bertelsmann.
RTL Group currently employs 7,500 people in Germany.
It also plans to reorganise its portfolio of publications and concentrate on flagship titles, which represent about 70 percent of current sales, the group said.
ALSO READ: German software giant SAP to cut 3,000 jobs
The business will keep about 10 magazine titles, which it owns through subsidiaries.
This includes the German versions of GEO, Gala and Capital, as well as the women’s title Brigitte and news magazine Stern.
The roughly 20 remaining titles will be sold or their publication will cease, RTL Group said.
As a result, 200 extra staff will leave the company, taking the total number of posts lost at the group to 700.
ALSO READ: Philips cuts 6,000 jobs after sleep device recall
Chief executive Thomas Rabe cited a “rapidly changing media landscape and the challenging overall economic situation” for the decisions.
The “core brands” that remain will be developed further with investments of about 80 million euros ($85 million) by 2025, he said.
The aim was to strengthen RTL’s “leading position and journalistic relevance”, he said.
The magazine industry has been in decline for years as more readers shift online.
ALSO READ: IBM to cut 3,900 jobs as it reorganizes business
Soaring inflation has pushed up costs for key materials like paper, worsening the situation.
RTL Group owns 56 TV channels and 36 radio stations in Europe, as well as newspapers, mainly in France, Germany and Luxembourg.
© Agence France-Presse
