bassethound
04-08-11, 11:24
Publisher admits there will be up to 100 redundancies as it battles against a fall in profits
Hi-Fi Choice will be one of the titles that will be sold or closed
Future Publishing is to sell or close eight of its magazines, including Hi-Fi Choice and What Satellite & Digital TV, as it battles against a fall in profits.
The publisher, which employs 1,000 people in Bath, told staff on Friday that there would be up to 100 redundancies as it admitted problems with its US business will wipe £2m from its full years earnings.
In an email to staff on Tuesday, Future's UK chief executive, Mark Wood, confirmed that the titles to be sold or closed were DVD & Blu-Ray Review, Hi-Fi Choice, What Satellite & Digital TV, Home Cinema Choice, London Tech Guides & Bookazines, Photoshop Focus Guides, Nitro and Redline.
"These decisions have not been taken lightly but are vital if we are to maintain the momentum of our business," Wood said in the email to staff.
"This recalibration of our business is crucial to ensure faster adaptation to digital and more efficient execution of print. This is the strategy which will best position Future for the long term, and I appreciate your continued focus and hard work during this period of change."
In May, Future announced a 45% slump in pre-tax profits in the six months to March as its US business struggled and advertising revenue fell by 15%. The publisher is reorganizing its UK business as its US operation moves to a "primarily digital" strategy.
Wood added: "The focus of the review has been to ensure our resources are concentrated in those areas where we are strongest and where we see the brightest future long term.
"As you know, given the backdrop of declining newsstand revenues – and the imperative to invest in digital – Future needs to adapt to work even more efficiently across its print and growing digital portfolio."
Hi-Fi Choice will be one of the titles that will be sold or closed
Future Publishing is to sell or close eight of its magazines, including Hi-Fi Choice and What Satellite & Digital TV, as it battles against a fall in profits.
The publisher, which employs 1,000 people in Bath, told staff on Friday that there would be up to 100 redundancies as it admitted problems with its US business will wipe £2m from its full years earnings.
In an email to staff on Tuesday, Future's UK chief executive, Mark Wood, confirmed that the titles to be sold or closed were DVD & Blu-Ray Review, Hi-Fi Choice, What Satellite & Digital TV, Home Cinema Choice, London Tech Guides & Bookazines, Photoshop Focus Guides, Nitro and Redline.
"These decisions have not been taken lightly but are vital if we are to maintain the momentum of our business," Wood said in the email to staff.
"This recalibration of our business is crucial to ensure faster adaptation to digital and more efficient execution of print. This is the strategy which will best position Future for the long term, and I appreciate your continued focus and hard work during this period of change."
In May, Future announced a 45% slump in pre-tax profits in the six months to March as its US business struggled and advertising revenue fell by 15%. The publisher is reorganizing its UK business as its US operation moves to a "primarily digital" strategy.
Wood added: "The focus of the review has been to ensure our resources are concentrated in those areas where we are strongest and where we see the brightest future long term.
"As you know, given the backdrop of declining newsstand revenues – and the imperative to invest in digital – Future needs to adapt to work even more efficiently across its print and growing digital portfolio."