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


 
Forgot your password?
Username :
Password :

Poll

Who's responsible for crappy Netflix performance on Verizon?:

Shout box

You're not permitted to post shouts.
Papa MidnightRacism and Misogny are heavily prevalent in the gaming and online arena. Getting people to actually admit that, however...07/24/2014 - 11:42am
Papa MidnightThat very thing is somthing that anyone who has been subjected to racial-based targeting online could actually state that they've experienced.07/24/2014 - 11:41am
Papa MidnightPerfect example: "I have yet to talk to a man who has had to call a police officer due to a stalker, only to be told nothing can be done until they are physically assaulted."07/24/2014 - 11:40am
Papa MidnightNot that said communities are mutually exclusive. Even the very first comment on that last article equates women in the gaming industry with being the n-word. Despicable, aetestable, and (sadly enough) this is not an uncommon presence in either community.07/24/2014 - 11:35am
Papa MidnightI only wish someone would lead a similar investigation of the sheer level of irrational racially motivated hate and insults that are perpetuated in the online and gaming community.07/24/2014 - 11:33am
Papa Midnighthttp://www.polygon.com/2014/7/22/5926193/women-gaming-harassment07/24/2014 - 11:31am
SleakerAhh.. I have a feeling it's because they wanted to put up their own games on their own store.07/24/2014 - 10:56am
MaskedPixelanteRemember in 2012 when they decided to include new releases? That's when the whole service fell apart for me.07/24/2014 - 10:47am
Sleaker@MP - sold out? I thought they were always like this.07/24/2014 - 10:46am
E. Zachary KnightHowever, there are still a good number of games that have viable linux versions already and are currently in their games library that are not yet in the Linux store.07/24/2014 - 10:40am
E. Zachary KnightI for one am glad to see them finally support Linux. It has been a long time coming.07/24/2014 - 10:39am
MaskedPixelanteFrankly, I think GOG is on a quality downswing since they sold out.07/24/2014 - 10:22am
SleakerMy respect for them can't get any lower at this point, but at least they cut the bullshit I called them on back when they said it wasn't plausible to release on linux.07/24/2014 - 8:59am
SleakerGoG.com is retconning their previous 'We can't do linux support statements': http://www.gog.com/news/gogcom_now_supports_linux07/24/2014 - 8:58am
MaskedPixelantehttp://www.nerdist.com/wp-content/uploads/2014/07/WW_Cv36.jpg The new Wonder Woman design, created specifically to shut people up about Gal Gadot being too skinny to play Wonder Woman.07/24/2014 - 8:12am
InfophileVery nice article, Zen. I definitely agree that many devs won't support something unless everyone has it. So many other examples from the past, even as far back as the SNES and accessories for it like the mouse or superscope.07/24/2014 - 5:40am
ZenWrote up a story about people wanting Nintendo to drop the GamePad...and why I think it needs to stop. :) http://bit.ly/1raIQvv Let me know what you think!07/23/2014 - 10:53pm
MaskedPixelanteHey, so remember that "redeem your Sims 2 key on Origin for a free copy of the all-in-one edition" promotion? Well, it didn't work, so to make up for it, just go into your Origin profile and redeem the product key "I-LOVE-THE-SIMS" for your free Sims 2.07/23/2014 - 9:12pm
Andrew EisenThe Steam controller may have changed again. http://www.vg247.com/2014/07/23/steam-controller-valve/07/23/2014 - 6:46pm
james_fudgePlease use the comments section for bitching about specific articles :) We do read them, after all.07/23/2014 - 10:52am
 

Be Heard - Contact Your Politician