RCS publishing group to sack 800 employees

Plans to sell or close 10 magazines

RCS publishing group to sack 800 employees

Milan, February 11 - The chief executive officer of the RCS publishing group, which owns Italy’s biggest national newspaper and a number of major Italian magazines, told unions on Monday the group plans to lay-off 800 of its nearly 5,000 employees. CEO Pietro Scott Jovane, along with the head of RCS personnel, also told unions the group will either shutter or sell 10 of its magazines. The magazines concerned represent 20% of the group's revenues and jobs for 90 journalists and graphic artists. Their titles are A, Bravacasa, Yacht & Sail, Max, Europeo, Astra, Novella, Visto, Ok Salute, and the group’s crossword puzzle department. Three-quarters of the layoffs - or 600 - will be in Italy, and will affect both journalists and non-editorial staff. Jovane also announced plans to vacate the historic downtown Milan headquarters of its two flagship newspapers. The national daily "Il Corriere della Sera" and the sports paper "La Gazzetta dello Sport", will be moved to the publishing group’s seat in the city’s northeastern periphery. Journalists at both papers are meeting separately Monday evening to decide how they will respond. RCS stock on the Milan stock exchange was nearly unmoved by the announcement, falling 1.13% to 1.15 euros per share.

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