Mediaset warns of job cuts

Mediaset’s chairman has warned of job cuts at the company if the country’s economy does not show signs of improvement.

Chairman Fedele Confalonieri told local a parliamentary budget committee: “If there aren’t signs of a recovery, cutting our billions in investment and our two billion euros in costs becomes indispensable. For brevity’s sake, I don’t want to go into the obvious consequences that such action would have on employment levels.”

He added that TV advertising was at 2002 levels. He said:”The cycle right now could rip away some of the certainties that a company like ours needs.”