The Media Recession Hits Finland

Sanoma Corp., the fifth biggest magazine publisher in Europe and the biggest media company in the Nordic region, reported profit that were slightly down from last year’s third quarter. The company made 61.1 million euros versus 61.5 million euros last year. While revenue increased, from 719 million euros to 779 million euros, higher corporate taxes lowered profits.

Like American publishers, Sanoma is feeling the advertising slowdown. “The advertising markets in our key operating countries have reacted to the general economic uncertainty and consumer confidence has begun to decline in many areas,” the company said in a statement. “Our outlook for the remaining part of the 2008 has become somewhat weaker.”

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