Thursday December 4, 02:13 PM
Spain's Vocento to cut jobs at free paper
MADRID, Dec 4 (Reuters) - Spanish media group Vocento (Madrid: VOC.MC - news) said on Thursday it will have to cut jobs at its free
paper 'Que' as the downturn continues to hit the advertising sector.
Vocento did not give details on how many jobs would be lost, saying it was negotiating a restructuring plan with unions, but Spanish media reported 106 workers, or around 40 percent of Que's staff, risked redundancy.
'All the press is experiencing an adverse advertising situation and free papers are among the most affected media,' a spokesman for Vocento said.
Vocento bought Que in 2007 for 132 million euros ($166.6 million) and wrote down 85 million euros in goodwill from its commercial fund in the third quarter of this year.
(Reporting by Robert Hetz; Writing by Sarah Morris; Editing by David Holmes) ($1=.7925 Euro) Keywords: VOCENTO/JOBS
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