Cronyism Finland

Finnish government awards loser news org STT with 1.5 million subsidy of taxpayer money…….


A complete rejection of the free market…


Where the free market rewards success and punishes failure (that’s why we have a modern successful economy and market), the government punishes success (with tax rates) and rewards failures (if your business is heavily favored by political apparatchiks).


Finnish gov’t approves €1.5m subsidy for struggling news agency STT

The Finnish government agreed on Thursday to grant a one-time 1.5-million-euro subsidy to the financially troubled domestic news agency STT.


Suomen Tietotoimiston toimitus.

Finnish news agency STT’s headquarters in Helsinki.
 Image: Irene Stachon / Lehtikuva


Government said it has agreed to grant Finnish news agency STT a cash injection to ensure that the country continues to have a round-the-clock news service and to help the firm reorganise and stabilise its financial position.


Founded in 1877, the Helsinki-based agency is one of the oldest news agencies in the world, but it has struggled with financial difficulties for the past several years, troubles mainly attributed to a gradual loss of its client base.


The biggest STT shareholder is Sanoma Media, which owns some 75.4 percent of the firm, followed by newspaper company Keskisuomalainen which has 6 percent. National broadcaster Yle owns 1.7 percent of STT.


Last June Alma Media and TS Group divested its shares in the company, selling their respective stakes to Sanoma Media.



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