A combined magnetic shielding and degaussing structure for an in-line color picture tube (21) comprises magnetizable shielding plates (34-37) of an extended surface area each located at a corner of the picture tube and two vertically oriented magnetizable strips (40.41). Each strip connects upper and lower corner shielding plates together on a respective side of the picture tube. The shielding plates guide stray magnetic flux into the strips and away from the picture tube interior in order to provide magnetic shielding. A degaussing winding (44;45) is wound around the vertical axis of each strip and generates a degaussing flux which flows through the shielding plates and into the color picture tube shadow mask.