Finnish goverment agreed grant for news agency

Government said it has agreed to grant Finnish news agency STT 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 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. The public 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.