Schibsted Layoffs: Norwegian Online Classified Ads Group to Let Go of 250 Employees Amid Cost-Cutting and Restructuring Plan

Oslo, June 19: Schibsted, a Norway-based online classified ads group, shared its plans to cut 250 jobs to save costs. Schibsted layoffs are aimed at helping the company to focus on its four core industries. Besides Norway, this group operates in the countries like Sweden, Finland and Denmark. According to reports, the company divested its legacy media business.

In 2024, media layoffs have increased due to multiple factors such as global economic downturns and the adoption of AI, but mainly due to restructuring and cost-cutting. Last month, Media Matters laid off over a dozen employees amid the legal battle with Elon Musk. Another company, Media Chinese, announced that it would let 800 people go. Last week, there were rumours about CNN layoffs. All of these announcements suggest the struggles of media industries this year. Meta Layoffs: Mark Zuckerberg Company To Lay Off Small Number of Employees, Plans to Divide Reality Labs Into Metaverse and Wearables.

Norwegian online classified ads group Schibsted announced that it would cut around 250 people in the Nordic region following a restructuring plan to cut costs and boost efficiency, reported Hindustan Times. The report highlighted that Schibsted divested its legacy media business and continue operating online markets places for jobs, real estate, travel, cars, and other services in its domestic countries, Norway, Denmark, Sweden, and Finland.

Highlighting this move, Schibsted Marketplaces CEO Christian Printzell Halvorsen said the company was now positioned to take “decisive measures” to improve profitability with a focused approach and adjust the macroeconomic environment. Further, the CEO added that the Schibsted layoffs would start a “new journey of continuous improvement and focus on cost. Chegg Layoffs: US-Based Edtech Company Announces To Lay Off 23% of Its Workforce Amid Restructuring, Witnesses 20.3% Increase in Post-Market Transactions.

According to a report by MarketPlace, the workforce reduction at Schibsted is the first major step taken by the company’s new CEO, Christian Printzell Halvorsen. Halvorsen, who assumed the role last month, is leading the group’s transformation in a new direction. The report also mentioned that the company is set to unveil its new strategy and organisational setup in the fourth quarter of 2024, a move that is eagerly anticipated by industry observers.

(The above story first appeared on LatestLY on Jun 19, 2024 12:32 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).