RTL to cut 600 jobs in Germany as focus shifts to streaming

BERLIN, Dec 2 (Reuters) - European broadcaster RTL said on Tuesday that it plans to cut roughly 600 full-time jobs in Germany, citing weakness in advertising revenues.

All of RTL's Germany locations will be affected, said the company, which is part of media conglomerate Bertelsmann. The cuts correspond to about 10% of the German workforce.

Shares in RTL were down 2% after the announcement.

RTL Germany CEO Stephan Schmitter described the cuts as absolutely necessary for strengthening the company's position in Germany in light of structural and economic challenges.

"The media market is undergoing profound change," and to remain competitive, the network is focusing even more intently on streaming, said Schmitter.

Schmitter said the cuts would be implemented in as socially responsible a manner as possible through a special severance program and early retirement arrangements.

RTL Germany includes the flagship RTL channel as well as the Vox channel, news channel ntv, and streaming service RTL+.

The group has been struggling for years with a weak advertising market and competition from U.S. streaming giants such as Netflix.

(Reporting by Klaus Lauer, Writing by Cian Muenster, Editing by Miranda Murray)