Type
Internal restructuring
Country
Germany
Region
Hamburg;
Location of affected unit(s)
Hamburg
Sector
Information / Communication
Publishing Of Information; Production And Programming Of Audiovisual
Publishing Activities
58 - Publishing activities

700 jobs
Number of planned job losses
Job loss
Announcement Date
7 February 2023
Employment effect (start)
7 February 2023
Foreseen end date
1 January 2025

Description

As announced on 7 February 2023, publisher Gruner + Jahr (G+J) will now begin cutting 700 jobs until 2025 due to internal restructuring. In this timeframe, the company's owner, Bertelsmann, intends to either shut down or sell 23 of its magazine titles. Managment plans to cut 500 jobs in administration – mainly in Hamburg. An additional 200 jobs will be cut due to the sale of magazine titles. Bertelsmann intends to focus on its core titles and will be investing €80 million in the publishing house Gruner + Jahr until 2025.  

Trade union ver.di's National Executive Christoph Schmitz and the national chairman of the German Journalists' Association (DJV), Frank Überall, criticised that the decision to discontinue magazines was 'justified by nothing but unscrupulous profit maximization.'. 250 publishing employees demonstrated at Hamburg's Rathausmarkt against the plans. 


Sources

Citation

Eurofound (2023), Gruner + Jahr, Internal restructuring in Germany, factsheet number 108400, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/108400.