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Axel Springer To Cut Costs In News Media National Division; Adjusts FY19 Outlook

Axel Springer SE (AXELF.PK) announced restructuring measures for its News Media National division. The current cost base of News Media National will be reduced by 50 million euros through structural measures. The continuously declining business areas will face a reduction of staff numbers.

Also, Axel Springer said it plans to invest more than 100 million euros in total in its News Media National division in the next three years, particularly in a live video strategy for BILD.

For fiscal 2019, the company adjusted its forecast as a result of the restructuring measures and lower-than-expected revenues from activities in the News Media and Classifieds Media segments. Adjusted earnings per share, and adjusted EBIT are projected to be significantly below the prior-year level (reported). Group revenues are estimated to decline in the low to mid single-digit percentage range (reported).

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