Cost reduction program in Aftonbladet

Schibsted ASA (SCH) , Published 19/06/2007 13:58:06

The board of directors of Aftonbladet has today decided upon a cost reduction program for the print newspaper Aftonbladet of approx. SEK 50 million in 2007 and an additional approx. SEK 40 million in 2008. The cost reductions are related to the current cost level. Staff reductions as a consequence of earlier retirements are one of the means of the cost reduction program.
In relation to the cost reduction program, the board of directors of Aftonbladet has accepted a restructuring charge of approx. SEK 50 million, which primarily will be booked in Q3 2007.
Contact persons:
CFO of Schibsted, Trond Berger tel.: +47 91 68 66 95
CEO of Aftonbladet, Carl Gyllfors tel.: +46 706 762 107

Oslo, June 19, 2007