A German magazine and newspaper publisher may cut down on the number of its publications in an attempt to decrease the company's expenditures by about 20 percent next year, Press Business reported Tuesday.

Hamburg-based Gruner+Jahr, part of Europe's media conglomerate Bertelsmann, owns hundreds of magazines and newspapers in 22 countries, including Financial Times Deutschland, Stern magazine and GEO.

The global financial crisis has caused “growth and margin outlooks for all publishers for this and next year” to be “significantly subdued,” Gruner+Jahr Chief Executive Bernd Kundrun stated in a letter to management, Press Business reported. “A similarly strong decline in advertising business in such a short time has rarely been seen before.”