Aftenposten has identified cost reducing measures totalling NOK 170 million. The identified measures will be discussed by management and representatives of the unions at Aftenposten during the next weeks. The management’s goal is to reduce the annual cost level by more than NOK 150 million. The cost reducing initiatives will be implemented during 1999 and 2000. The cost associated with the cost reductions is estimated at NOK 70 million. Of these costs NOK 30 million will be charged in 1998 , the remainder in 1999 and 2000.
Schibsted recently announced early retirement at Aftenposten. The yearly cost savings of approximately NOK 30 million and the one-off cost of approximately NOK 30 million related to these agreements, are included in the numbers above.