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AS Kalev Meedia to suspend magazine publishing
Kalev / Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Under the resolution of 14 January 2009, AS Kalev's subsidiary AS Kalev Meedia will suspend magazine publication from 19 January 2009. The resolution is conditioned by the tense situation in the media and advertising market, brought on by the economic recession. With the suspension of publishing indefinitely, more than 100 people will be laid off in AS Kalev's media companies. Suspension of publishing will not concern other media channels of AS Kalev Meedia and its subsidiary OÜ Eesti Spordikanal. OÜ Eesti Spordikanal will continue broadcasting the TV channels 'Kalev Sport' and 'Neljas', as well as the radio station Sun FM, which was acquired in December. AS Kalev Meedia will also continue its news portal kalev.ee. The resolution concerns the gossip magazine Just, financial magazine Ärielu, sports magazines Sporditäht and Basket, car and bicycle magazine Moto, fashion and lifestyle magazines Avenüü and Avenüü Professional, IT magazine Praktiline Arvutikasutaja, and children's magazines Muumi and Muumi Mõistatuste- ja Värviraamat. Any advance subscription price payments will be refunded. According to initial calculations, AS Kalev Meedia's monthly expenses will be cut by approximately 3.5 million kroons with the suspension of the print industry. According to the management of AS Kalev, any extraordinary expenses related to the suspension of publishing and the associated lay-offs are justifiable, as the downsizing will have a positive effect on the financial activities of AS Kalev Group in future. Allan Viirma Head of legal service 688 6616 News Source: NASDAQ OMX 16.01.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Kalev Estonia Phone: Fax: E-mail: Internet: ISIN: EE3100002460 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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