Axel Springer to up earnings at German newspapers through revenue growth, job cuts

Petro Welt Technologies AG

28/02/2023 11:39

BERLIN, Feb 28 (Reuters) - Axel Springer is aiming to
improve earnings at its Bild and Welt newspapers by 100 million
euros ($106.08 million) over the next three years through
revenue increases and cost savings, including job cuts, the
German media group said on Tuesday. 
    The company did not give a specific figure for how many jobs
would be affected by the reorganization. It said the cuts would
be primarily aimed at bypassing redundancies created through the
use of technology and that it was trying to avoid involuntary
terminations. 
    "Journalistic production is becoming a by-product, more and
more technically supported and automated," Chief Executive
Mathias Doepfner said in a statement. 
    "This means a reorganization of newsrooms and shifting of
staff and costs. Understanding this change is essential to a
publishing house's future viability," he said. 
    Doepfner justified the target by saying that Bild and Welt
would be in a "dangerous predicament" in a few years if nothing
were done.  
    Axel Springer has a presence in over 40 countries and owns
German newspapers Bild and Welt as well as English-language news
website Politico, which it acquired in October 2021.
    The company is headquartered in Berlin and employs more than
16,000 people worldwide.
  
    
($1 = 0.9427 euros)

 (Reporting by Klaus Lauer, Writing by Miranda Murray, Editing
by Friederike Heine)
 ((miranda.murray@thomsonreuters.com))