Axel Springer planning multimedia offensive in 2007

0 Comments | AFP, March, 2007

BERLIN (AFP) — German newspaper publisher Axel Springer is looking to invest heavily in its Internet services this year in a move that could put the brakes on earnings growth, chairman Mathias Doepfner said on Wednesday.

After achieving record earnings for the third year in a row in 2006, Springer, which publishes the mass-circulation daily Bild, was predicting stable to slightly higher earnings this year in view of the high level of investment new projects, Doepfner told the group's annual earnings news conference here.

The group's objective for 2007 was clear, the chairman said: "Steadfast expansion with a focus on the digital business."

And that would weigh on earnings, Doepfner cautioned.

"We anticipate that with launch costs for new projects...