Advertising sales booked by newspaper group PCM fell 8.5% last year, reducing full-year earnings below the €45m profit in 2007, CEO Bert Groenewegen was quoted as saying in Tuesday’s Volkskrant.
Speaking at the group’s New Year reception, Groenewegen also said online earnings had doubled and now accounted for 6% of the group’s total. PCM’s debts were reduced from €300m to €120m and would fall still further to €50m by the end of 2009 because of refinancing, the CEO said.
Some 130 jobs, or 5% of the total are to go, the Volkskrant reported. Delivering ‘top class journalism’ would remain PCM’s primary activity and its flagship newspapers, including the Volkskrant and NRC, are facing an ‘extremely challenging’ year, he was quoted as saying.
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