TV2 in Norway to cut $37m from budget, with around 120 positions to be affected

TV2 in Norway has unveiled plans to cut around NOK400m ($37m) from its budget, with around 120 positions set to be affected.

The broadcaster has been battling increased costs and tax changes over recent months, with the cuts expected to be felt across most departments.

Local reports suggest TV2 will look to mitigate enforced layoffs by offering severance packages.

The cuts come seven years since the commercial broadcaster last trimmed its workforce, cutting NOK350m from its budget.

Commercial broadcasters across Europe have been grappling with increased costs and ailing advertising markets over the past year, with the UK’s ITV and ProSiebenSat.1 in Germany both affected.