June 29, 2013 / 4:49 PM / 6 years ago

Axel Springer eyes cost cuts of over 20 million euros: CEO

Logos of the digital products of the Axel Springer media group are presented before a news conference on annual results in Berlin March 6, 2013. REUTERS/Thomas Peter

FRANKFURT (Reuters) - Germany’s Axel Springer (SPRGn.DE), Europe’s largest newspaper publisher, is targeting at least 20 million euros ($26 million) of savings in a restructuring plan, its chief executive was quoted as saying.

Chief Executive Mathias Doepfner told Sueddeutsche Zeitung in an interview on Saturday that structural changes in the media industry had brought a decline in advertising and circulation at its key Bild newspaper in the “high one-digit percentage range”.

“It would be negligent if one did not respond to that. The board will still have to decide what the restructuring will look like,” he said.

Asked to confirm that the company planned to cut costs by 20 million euros, Doepfner replied: “At least.”

He said the company planned to invest around 100 million euros to push forward the integration of its print and online businesses

“What that means for Bild is still open,” he added.

Bild is Germany’s top-selling newspaper.

Der Spiegel magazine reported in May that Axel Springer had drawn up plans to save 20 million euros under which up to 200 staff would be paid off.

($1 = 0.7693 euros)

Reporting By Marilyn Gerlach; Editing by David Cowell

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