Norway’s TV2 reportedly plans cuts in restructuring move

Norwegian commercial broadcaster TV2 is reportedly planning to make record cuts of NOK350 million (US$42.7 million) over the next four years.

Various local reports say “shock waves” were sent through the local industry upon the announcement, though the number of jobs lost was not clear, and TBI couldn’t reach Egmont-owned TV2 before press time this morning.

However, the Nordic Film and TV Fund reported employees were immediately offered to apply to severance packages as part of a strategic initiative known as ‘TV2 in 2020’.

“The time for gradual changes in the industry is over and the time for gradual changes at TV2 will also come to an end,” TV2 CEO Olav T Sandnes told the board in a statement. “It’s time for us to equip ourselves in the best possible way to achieve further growth.”

It is thought the move is an effort to restructure to better position against digital upstarts such as Netflix and YouTube, which are gaining share in local markets, primarily by beefing up SVOD platform TV2 Sumo.

“TV2’s main task is to continue to create content that our viewers want. We must steer the transformation towards a fully-fledged digital TV business where TV2 Sumo takes a bigger role than today. To achieve this, we must be prepared to meet the needs and expectations of future viewers, users and advertising customers.”

TV2 has had international hits in recent years through dramas such as Occupied and Acquitted. Its channel includes the flagship FTA net, news net TV2 Nyhetskanalen, TV2 Sporten, TV2 Filmkanalen and entertainment channel TV2 Zebra.