Bertelsmann subsidiary to end, sell dozens of magazines
BERLIN (AP) — German media group RTL Deutschland said Tuesday it will stop publishing 23 print magazines and seek to sell almost two dozen others, affecting about 700 jobs.
The company is part of Bertelsmann, the German conglomerate that also owns Penguin Random House. RTL Deutschland said it wants to focus on core brands that currently make up about 70% of its publishing turnover, including newsweekly Stern, business magazine Capital and educational monthly GEO.
Bertelsmann and RTL’s chief executive, Thomas Rabe, said the company was responding to “the rapidly changing media landscape” and overall economic challenges.
RTL said the move would result in about 500 job losses while 200 positions could be transferred to the new owners of any titles sold.