It has previously been announced that VG will implement cost reductions of approximately NOK 100 million yearly. This involves staff reductions of 70-90 employees.
The board of directors of Schibsted has today agreed upon total costs of NOK 90-110 million in relation to the restructuring. Expected provisions in the financial statement of VG are approximately NOK 30-40 million in Q3 and approximately NOK 60-70 million in Q4 2006.
The cost reductions of approximately NOK 100 million are related to the current cost level and will have full effect by the end of 2007.
Contact persons in VG:
CEO Rolv Erik Ryssdal, tel. +47 916 00 200
VP Information Øyvind Næss, tel. +47 911 90 160
Oslo, June 22, 2006
Astrid Thommesen Sæbø