Finnish news agency, among the oldest in the world, facing closure

The Finnish national news agency STT has announced major restructuring due to years of financial losses, which could lead to the closure of one of the oldest news agencies in the world after 140 years of operation.

The agency stated that, due to losses in the news editorial and photo service, negotiations on restructuring have begun, which could result in the dismissal of 95 employees—almost the entire workforce—and the end of current operations in March next year.

There is still a possibility that the agency will continue to operate, but on a much smaller scale.

The agency has faced serious financial problems in recent years, reports Finnish radio and television Yle, recalling that in 2018 the agency received a subsidy of 1.5 million euros from the government due to the loss of clients.

Yle owns 1.7 percent of the agency, while 75.4 percent is owned by the private media group Sanoma Media Finland.

The Finnish Journalists’ Union has called on the authorities to enable the agency to continue operating, stating that its closure would trigger a domino effect and that other media outlets would also, sooner or later, fail.

“The closure of STT is absolutely shocking news given the current security situation, with daily attempts at information manipulation. Finland should be strengthening, not weakening, structures for the distribution of reliable information,” said union president Marjana Varmavuori.

The European Federation of Journalists (EFJ) has expressed deep concern over STT’s announcement, emphasizing that the disappearance of STT could increase news production costs for dozens of smaller domestic media outlets that use the agency’s news and photos.

In an EFJ statement, it is noted that research shows STT is the most reliable source of information in Finland, and EFJ General Secretary Ricardo Gutiérrez stressed that the closure of the agency would be “a serious blow to the Finnish information sector at a time when reliable, independent news is more important than ever.”

Founded in 1887, STT is one of the oldest national news agencies currently operating in the world, and its closure would make Finland an exception among Western countries, most of which still have a national agency, the EFJ statement points out.