German publishing group to slash jobs in a cost saving exercise

Updated on: Monday, May 13, 2013

Up to 200 jobs could be slashed at top German tabloid Bild, as its publishing group seeks to make some USD 26 million in cost savings, according to a media report.

Citing "several informed sources", newsweekly Der Spiegel said publishers Axel Springer were looking to cut between 170 and 200 jobs at Bild, the most widely read daily newspaper in Europe.

"Axel Springer clearly believes that serious cuts are needed in its newspaper activities" and is looking at making savings "totalling 20 million euros," Spiegel said.

Spiegel noted that Axel Springer had set aside 50 million euros for "structural changes" and said there would be redundancies at the group.

Employees at the Bild daily, the paper's website and the Berlin local tabloid B.Z. would be transferred to a subsidiary, Bild Digital, where pay and conditions are less favourable, according to Spiegel.

Bild said only there were "various scenarios" under consideration.

According to Spiegel, Bild contributes around 300 million euros to Axel Springer's coffers.

German publishing group to slash jobs in a cost saving exercise

More Education news