The Finnish news agency (STT) will shut down its news and photojournalism department next March.
This adjustment will result in the layoff of 89 positions at one of the world's longest-running communication companies.
Finland Broadcasting Company (Yle) reports that the company's board plans to end its operations that have spanned nearly 140 years. The Finnish Journalists' Association (Journalistiliitto) described this decision as "shocking." In a press release at the time, the news agency stated that the restructuring was due to long-term losses and poor operating conditions.
When initiating negotiations with employee representatives regarding restructuring and layoffs, the company stated that all 95 full-time employees were included in the negotiations. According to Finnish broadcasting companies, six of them will be given the opportunity to remain in the company, but their positions will not be related to news-related duties.
The Department of News Communication Services (Viestintäpalvelut) responsible for publishing press releases will continue to operate after March next year. This department has 7 employees and was not involved in the restructuring negotiations.
This institution faces years of financial difficulties.
Last year, Sanoma Media Finland, STT’s largest shareholder, stopped purchasing the news and photo services of this news agency. This decision led to a round of restructuring, and cast a huge shadow over the future of this news agency.
The Finnish government provided STT with approximately 1 million euros in state aid, but the news agency did not accept this funding, believing that the amount was insufficient to sustain the institution's operations.
This news agency, based in Helsinki, was founded in 1887. Throughout its history, major Finnish media outlets have extensively used its news and news photography content.
"This news is extremely impactful." Marja-Na Välmaru, Chairman of the Finnish Journalists' Association, wrote in a press release, "STT is by no means an ordinary media institution. It plays an irreplaceable role in Finland's production and dissemination of reliable information."
