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Finnish news agency STT, which has been established for almost 140 years, has decided to end its news and photo services and lay off 89 employees due to financial difficulties. In the future, it will continue to operate only corporate press releases and database business opportunities.
The Finnish News Agency (STT), one of the world’s oldest news agencies, announced today that it will close its news and photo services next year after years of financial difficulties.
Agence France-Presse reported that the Finnish news agency’s board of directors said that following restructuring talks, “it has decided to gradually wind down the company’s news and photo news agency business” and related services will be closed on March 31, 2027.
The Finnish National Broadcasting Corporation (YLE) reported that the Finnish News Agency, headquartered in the capital Helsinki, was founded in 1887 and has been operating for almost 140 years. Since its establishment, the news and photography services of the Finnish News Agency have been widely used by the major Finnish media.
Kimmo Laaksonen, chief executive of the Finnish News Agency, said in a statement that he believed the company ending its news and photo services “is a tragedy for the entire Finnish society.”
According to the Finnish national broadcaster, the Finnish News Agency’s decision will make Finland one of the few Western countries that does not have its own news agency.
The Finnish News Agency estimates that 89 positions will be eliminated as a result of the restructuring, including 68 journalism positions. The contracts of 30 contractual employees will not be renewed.
Moving forward, the company will continue to send corporate press releases and the business currently employs seven people.
The Finnish news agency also said it is “exploring commercial opportunities for its database and developing technologies.”
Marjana Vermvuori, president of the Finnish Journalists Union, called the news extremely shocking.
He said in a statement that the Finnish News Agency is irreplaceable in producing and disseminating reliable information. “I am shocked that the government and media companies want to allow our national news agency to collapse.”
Summary FAQ
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STT said it has decided to gradually wind down its news and photo agency business following restructuring talks. The main reason is that the company has been in financial difficulties for a long time and is having difficulty maintaining its original operating model.
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According to the announcement of the Board of Directors, the related news and photo services will be closed on March 31, 2027. In the future, the company will still maintain the business of sending corporate press releases and continue to explore business opportunities in database and technology.
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The Finnish News Agency was established in 1887 and has provided news and photography material to local media for many years. If it ceases to operate its own news agency, Finland would become one of the few Western countries that does not have its own news agency.
