September 30, 2019 / 10:56 AM / 5 months ago

Axel Springer cuts guidance on lower revenues and restructuring costs

BERLIN, Sept 30 (Reuters) - Axel Springer 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 became the company's biggest shareholder. (Reporting by Riham Alkousaa Editing by Tassilo Hummel)

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