September 30, 2019 / 8:03 PM / 17 days ago

Axel Springer cuts guidance on lower revenues and restructuring costs

FILE PHOTO: The logo of German publisher Axel Springer outside the company's Berlin headquarters, July 25, 2013. REUTERS/Fabrizio Bensch/File Photo

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

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