Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Mecom Group acquired one of the three large Norwegian media groups, Orkla Media, in July 2006, at the same time giving the Norwegian subsidiary the name Edda Media. The acquisition was formally completed in September, and the Board announced a possible restructuring of 120 man-years. On 20 December 2006 the Board of Edda Media decided on an even larger reduction of 200 people after pressure from Mecom Europe and its manager David Montgomery. The job cuts will be done throughout 2007.
Mecom is restructuring its business in Europe, organised in Mecom Europe. In total, there will be a reduction of the workforce by 700 in Norway, Denmark (350), Poland (100) and the Netherlands (60). More job cuts may come.
The two employee representatives at the Board voted against the budget, and said to the press that they had reached the pain limit that it was unreasonable to cut that much of the staff and that the head office in London stood behind. The senior shop steward in Edda Media, Kjetil Haanes, also reacted strongly to the announced cuts. To the newspapers he said that the new cuts were unnecessary as Edda Media had a large profit. He also stated that Norway had to deliver extra good results as other parts of Mecom were economically worse off. Haanes fears that as many as 1,000 employees have to leave Mecom Europe in 2007 so that Mecom will be able to pay its loans and give the owners their promised dividends.
Eurofound (2006), Edda Media, Merger/Acquisition in Norway, factsheet number 64668, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/64668.
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