HELSINKI, Oct. 29 (Xinhua) -- Finland's national news agency STT announced on Thursday that it will shut down its news and photo services by the end of March 2027, ending 139 years of journalistic operations amid prolonged financial difficulties.
STT's board confirmed the decision after completing legally mandated negotiations with employees. The closure is expected to eliminate 89 positions, including 68 journalism jobs. In addition, 30 fixed-term employment contracts or framework agreements will end.
STT said its news and photo services would continue operating until March 31, 2027. Its press release distribution business, which employs seven people, would remain operational.
The agency attributed the closure to years of financial losses and a lack of shareholders' commitment to sustain and develop its operations. Previous cost-cutting measures had failed to restore financial viability.
Its financial situation worsened when Sanoma, Finland's major media group and STT's principal shareholder, stopped using the agency's services at the beginning of 2026.
STT CEO Kimmo Laaksonen described the closure as "a great tragedy for Finnish society as a whole," noting that the agency would mark its 139th anniversary on Sunday.
The Finnish government had earlier pledged 1.05 million euros (about 1.17 million U.S. dollars) in financial assistance to STT. However, the funding was never disbursed, and the Ministry of Transport and Communications suspended preparations for the subsidy in September pending a decision on the agency's future.
Founded in 1887, STT is one of the world's oldest national news agencies. The closure will leave Finland among the few European countries without a national news agency.
The Union of Journalists in Finland has warned that the loss of STT could weaken access to reliable information, particularly in regional and local media, which depend heavily on the agency for national and international news coverage.
The union said regional news outlets would face higher costs or reduced news coverage as they seek alternatives to STT's services. It also warned that the closure could threaten the survival of other struggling media organizations. ■