UPDATE 2-Schibsted Q3 beats fcast, shares surge

* Cost-cutting plan on track, NOK 1 bln effect in 2009

* Soft sales at the start of Q4

* EBITA 303 mln crowns vs 199 mln year ago, fcast 132 mln

* Shares rise 17 pct, up 330 pct since March-low

(Adds details, comments, share price)

By Aasa Christine Stoltz

OSLO, Nov 13 (Reuters) - Norway's media group Schibsted ASA (SBST.OL) reported a surprise rise in third-quarter core earnings on Friday and said its cost-cutting plan was on track, boosting its shares by as much as 17 percent.

Schibsted said sales were softer going into the fourth quarter and there were still no clear signs of an upswing in the media business, which has been hit hard by falling advertising revenues due to the global economic slowdown.

Shares in Schibsted -- up around 330 percent since a March-low -- rose as much as 17.2 percent in the day, and were up 15.9 percent at 117.2 crowns at 0914 GMT against a 0.4 percent rise in the main index in Oslo .OSEBX.