Sanoma Corporation, a leading media group in the Nordics, announced that employer-employee negotiations are now complete and that 241 people would be losing their jobs at the company. About 200 of those losing their jobs are based in Finland.
In a press release published Monday the company said the move was part of a 50 million euro cost saving initiative.
"Meetings with affected employees will commence today and be concluded by 21 October 2015. Sanoma is actively supporting the employees affected through an extensive change package that includes training and help with re-employment," the press release reads.
The company said that the number of employees losing their jobs was less than the previously estimated figure of 280 people.
Sanoma Media owns many newspapers and magazines along with television, radio and online outlets.