Milan

Job cuts agreed at Italy's top paper Corriere della Sera

70 staffers to get early retirement over four years

Job cuts agreed at Italy's top paper Corriere della Sera

Milan, April 19 - Journalists at Italy's top daily Corriere della Sera reached an overnight deal with the RCS publishing group to let 70 staff go over the next four years, sources from both sides said Friday. "We found middle ground," they said. RCS (Rizzoli Corriere della Sera) had wanted 110 of the 335 journalists on the daily - seen as Italy's establishment paper - to go amid plummeting sales and rising losses. That would have saved 32 million euros, RCS said. The journalists' union was pushing for 45-50 early-retirement packages to save 12-5 million euros. The savings from the deal have not been totted up but they are thought to be in the region of 18 million euros. Most Italian media outlets have shed staff because of dwindling revenue amid Italy's worst recession in 20 years and rising competition from Web news outfits.

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