Modern Times Group, the multi-territory commercial and pay-television broadcaster, will cut about 300 jobs as part of a process to restructure the company and focus on digital assets.
The job cuts will be made in Denmark, Norway, Sweden and the UK. MTG said the move would “fuel investments in the group’s existing businesses” and “enable it to continue to generate profitable growth.”
In May, MTG announced it would revamp its senior management team by appointing regional chief executives to lead its operations in Denmark, Norway and Sweden.
The restructuring process is expected to generate annual savings of SEK600m (€63m/$72m), MTG said.
“We started on this journey to transform the group, in order to drive and shape the fast moving changes in consumer behaviour and the video entertainment environment,” MTG president and chief executive Jørgen Madsen Lindemann said.
“We want to be able to continue to invest in our successful existing operations and exciting new businesses, in order to secure our future profitable growth, and that requires accelerated changes in our current structure.
“Today’s announcement follows the management changes we made in May, and local leadership teams are now adjusting their organisations accordingly. The decisions and actions that we are taking are difficult because valued colleagues will leave the group, but they are necessary and we are doing all that we can to assist those affected by these changes.”