BIG MOVES

Axel Springer to Slash Jobs in Shift to U.S. Focus

The German media giant says it plans to do away with print editions and become a leader in the digital-only media landscape.

Axel Springer SE, the owner of Politico and one of the largest media houses in Europe, is shaving down its corporate structure and preparing to slash jobs as it shifts focus to the U.S. The German owner announced the move Tuesday, saying it plans to do away with print editions and become a leader in the digital-only media landscape, The Wall Street Journal reports. As part of the restructuring, the company will cut fewer than 300 jobs, a spokesman was quoted as saying. The Germany daily newspapers Bild and Welt will suffer the brunt of that move as the company turns to its U.S. publications, including Politico, Insider, and Morning Brew, according to chief executive Mathias Döpfner. Staffers have reportedly already been warned of the impending job cuts, with Döpfner saying buyouts would be offered but not excluding the possibility of layoffs. He also reportedly told staffers that artificial-intelligence products will take over the jobs of journalists in some areas of coverage. “Journalism on printed paper will no longer exist at some point… our printed newspapers will also cease to exist,” he said, per the Journal.