"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 BZ 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.