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.
French conglomerate Lagardere announced on 25 January 2007 a world strategic plan for its media division. The French group decided that 7-10% of the media division's 9,900 jobs in the world would be cut and more than 20 underperforming magazines cease publication. The 700-1,000 jobs to be shed are part of an attempt to adapt its magazine, radio and television operations to the challenges and opportunities of the internet. The job cuts will take place between June and December 2007. The company will allow some magazines to be produced under licence in countries where sales are too low to justify a direct presence. Advertising sales departments will be merged too.
A team of 250 staff will develop the company's digital services by launching 100 websites worldwide, making specific acquisitions in sectors where the company is the market leader and forming partnerships with internet service providers. Shares in Lagardere Active Media closed down 4.64% in Paris following the announcement.
The restructuring will cost between 80 and 100 million EUR and is designed to yield total annual savings of 78 million EUR by the end of 2009, not including the recently announced sale of its photographic agencies.
The shake-up follows a disappointing performance by Lagardere's magazines and newspapers - grouped together as Hachette Filipacchi Medias - in the first half of 2006. Its profits slumped by nearly 20%. Lagardere's book publishing businesses constitute a separate division of the company and are not directly affected by the media unit's restructuring.
Eurofound (2007), Lagardère Active Media (LAM), Internal restructuring in World, factsheet number 64843, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/64843.
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