German Media Group RTL Plans to Cut 700 Magazine Jobs

By Anna Ringle, dpa

German media giant RTL is planning to cut about 700 of the 1,900 jobs in its magazine segment run by the former publisher Gruner + Jahr.To this end, many magazine titles will be discontinued, while investments will be made in the remaining core brands, such as Stern, primarily in digital, the media group announced on Tuesday.The background to the job cuts is feared financial losses in the declining publishing business.

In concrete terms, the plans envisage the following: 13 brands including major names like Stern, Stern Crime and Brigitte as well as the digital sections of the family title Eltern and cookery-focused Chefkoch will remain in the portfolio. According to the company, they account for about 70% of sales.

Investments of around €80 million ($86 million) are planned by 2025.

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