BERLIN (Reuters) - Axel Springer (SPRGn.DE) said on Monday it expects 2019 adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to decline in a mid-teens percentage range.
The German publisher said the cut was due to the restructuring of its News Media National branch and lower-than-expected revenues in the News Media and Classifieds Media segments. It previously expected a mid single-digit percentage EBITDA decline.
Axel Springer also cut its forecast for revenues to a low to mid single-digit percentage decline from a previously expected low single-digit percentage rate.
The guidance cut comes six weeks after U.S. private equity firm KKR (KKR.N) became the company’s biggest shareholder.
Reporting by Riham Alkousaa; Editing by Tassilo Hummel