Telegraaf Media Groep NV dropped 9.5 percent in trading Monday, to €17.15, the biggest fall the owner of the Netherland's largest newspaper has seen since Sept. 24, 2002, Bloomberg reported.

The €1.80 fall came after the Amsterdam-based publisher of de Telegraaf and free daily Spits cut its profitability forecast for the year.

Following trading Friday, Telegraaf officials lowered their forecast for earnings before tax, interest and amortisation to 8 percent of sales in 2008, down from 9 percent to 10 percent. The company also stated that continued trouble in advertising sales are still a concern, and further cost-cutting measures may need to be taken in the future, Bloomberg reported.

“From the fourth quarter, the larger advertising campaigns might slow and 2009 will be even more difficult,” Hans Slob, analyst at Amsterdam-based Rabo Securities, told Bloomberg.

Telegraaf is also “obliged” to buy shares in pan-European broadcasting group ProSiebenSat1 Media AG for €377 million, although the shares are worth €275 million less, Newspaper Innovation reported Monday. The publisher entered into the deal with private equity funds Permira and KKR in 2007 to buy the shares for an agreed upon set price within one year.