Report: Future Publishing Cutting 100 Jobs

July 18, 2011 -

According to several reports on Friday and over the weekend international magazine publishing company Future Publishing has cut an estimated 100 jobs. The company issued an interim management statement, revealing that its print business continued to decline in the UK and U.S., saved mainly by its improved performance from the digital publication sector. The report covers the nine months ending June 30, 2011 and gives some indication of where the company will be focusing its efforts in the years ahead.

Group revenues for that nine-month period dropped by an estimated five percent compared to the same period a year ago. UK circulation revenues fell by 3 percent, but revenue from digital advertising made up the shortfall by performing above expectations. In May 2011 the group's UK digital revenues topped £1 million for the first time.

US print sales decreased as well, with the company saying that it is "actively discontinuing subsidised magazine subscriptions" in the US and has had to delay an unnamed digital product launch worldwide.

"As a result the Board has decided to accelerate transition of Future US into a primarily digital business. This process may take 12 to 15 months, to allow time for existing subscriptions and other contractual obligations to be fulfilled."

The company also announced that it will cut jobs at numerous publications:

"The benefit of these steps will be to improve efficiency, reduce headcount, reduce property requirements, and help accelerate the most promising areas of digital product development," reads a section of the report on "re-structuring and exceptional costs."

GameIndustry.biz claims that Edge, Computer & Videogames, and GamesRadar will see 100 jobs cut in the UK. Further, the publication claims that at least one magazine will shut down.

We will continue to follow this story as it develops.

Source: GameIndustry.biz


 
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MattsworknameAhh, that explains why I wasn't aware. I don't follow, like ,nor care for soccer05/30/2015 - 6:50am
Goth_SkunkThe top dog at FIFA.05/30/2015 - 6:49am
MattsworknameWhose Blatter conster?05/30/2015 - 6:42am
ConsterSpeaking of non-video games for a second, I'm seriously disappointed in people for re-electing Blatter, and disgusted by his speech afterwards.05/30/2015 - 6:32am
ConsterHe's at least 5 times as bad as GS.05/30/2015 - 6:31am
Goth_SkunkEIC of Gameranx apologizes for his recent conduct: http://ow.ly/NDBxn Frankly, I'm surprised this wasn't posted sooner.05/30/2015 - 6:31am
ConsterGS does have a point: IP, on his own, causes at least as much harassment, insulting, and holier-than-thou'ness, as all the pro-GG people on this site combined.05/30/2015 - 6:30am
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MattsworknameWell, best of luck on that, but im not holding my breath.05/30/2015 - 5:04am
Goth_SkunkI believe the time to pull the plug was long ago, but kept quiet knowing full well Iron Patriot cannot help themself. There is a mountain of evidence to support my claim. In my opinion, it is harassment, and it needs to stop.05/30/2015 - 4:35am
Goth_SkunkIt's not getting me down. Far from it. Nevertheless, the conduct is unacceptable and has gone far beyond what any patient human being ought to be expected to tolerate.05/30/2015 - 4:34am
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Goth_SkunkIron Patriot goes out of their way to attack, mischaracterize, dehumanize, and otherwise derail any topic where an individual is even remotely considering siding with GamerGate.05/30/2015 - 2:31am
Goth_SkunkI believe there is sufficient evidence to accuse Iron Patriot of harassment. I would like something done about it.05/30/2015 - 2:20am
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Matthew WilsonI think he was talking about wanting a real one.05/29/2015 - 7:19pm
Andrew EisenKarp - A real Conker game or are you content with that Project Spark thing?05/29/2015 - 7:18pm
 

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