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Finnish gov’t approves €1.5m subsidy for struggling news agency STT

The Finnish government agreed on Thursday to grant a one-time 1.5-million-euro subsidy to the financially troubled domestic news agency STT.

Finnish news agency STT's headquarters in Helsinki. Image: Irene Stachon / Lehtikuva

Government said it has agreed to grant Finnish news agency STT a cash injection to ensure that the country continues to have a round-the-clock news service and to help the firm reorganise and stabilise its financial position.

Founded in 1877, the Helsinki-based agency is one of the oldest news agencies in the world, but it has struggled with financial difficulties for the past several years, troubles mainly attributed to a gradual loss of its client base.

The biggest STT shareholder is Sanoma Media, which owns some 75.4 percent of the firm, followed by newspaper company Keskisuomalainen which has 6 percent. National broadcaster Yle owns 1.7 percent of STT.

Last June Alma Media and TS Group divested its shares in the company, selling their respective stakes to Sanoma Media.