UK-based magazine and website publisher Future Publishing will lay off 170 employees as part of a new restructuring plan, the company announced today. Over 170 employees in the UK will be laid off as the company slims down costs and streamlines its operations. The company made the announcement as it published its half-year financial results for the six month period that ended on March 31.
Future is best known for publishing gaming and tech publications including Official Xbox Magazine, PC Gamer, Computer & Video Games and Edge. Future announced its global plans to "refocus and simplify" at the beginning of the month, indicating that it would shut down several publications.
Future reported an increase in its UK revenues by two percent to $69.4 million, which accounted for 85 percent of the company's total revenue. U.S. revenue was down 14 percent for the half-year to $12.2 million.
Part of Future's plans include layoffs, the sale of sports and craft properties to Immediate Media for up to $40.1 million, and the closure of several long-running gaming properties. The magazines to be sold include Procycling, Cycling Plus, Mountain Biking UK, Mollie Makes magazines, The Knitter and Simply Knitting.