The Board of Directors of Arnoldo Mondadori Editore S.p.A. met today and resolved not to accept the binding offers received from European Network for the acquisition of the Tustyle and Confidenze magazines and reviewed last 15 May.

Thanks to the Group journalists’ awareness and willingness to share a common goal, the Company has identified a new organizational and cost management structure aimed at achieving improvement targets for the two magazines.

Through an ongoing and open dialogue with the trade unions, an agreement has been reached on a reduction of the remuneration package for Tustyle and Confidenze journalists from 1 July 2018, consistent with the structural decline of the market, and on the application of a solidarity contract for journalists from the other publications in the Magazines Italy area, in force until 31 December 2018.

In line with the outlined strategies and business goals set – focus on brands with multi-channel development potential – the Company and the trade unions have underwritten their commitment to make the cost structure and the organization of the work of Magazines Italy consistent with market trends by the end of the year, in order to safeguard sustainability.