Future Publishing to Shed 8 Magazines
In a move to offset £2m ($2.86 million) in losses from its U.S. business, the UK-based Future Publishing plans to sell or close eight of its titles, including DVD & Blu-Ray Review, Hi-Fi Choice, What Satellite & Digital TV, Home Cinema Choice, London Tech Guides & Bookazines, Photoshop Focus Guides, Nitro and Redline, according an article on Guardian.co.uk.
The article cited an e-mail from Future UK's CEO, Mark Wood, to staff, explaining the decision: "These decisions have not been taken lightly but are vital if we are to maintain the momentum of our business. … 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," Wood wrote.
According to the Guardian, "The publisher is reorganising its UK business as its U.S. operation moves to a 'primarily digital' strategy." The reorganization involves attempts to eliminate "up to 100 redundancies" in its international business.
Future UK is the "third largest special-interest consumer publisher on the UK newsstand and the No.1 licensor and exporter of monthly magazines in the UK," according to the company's website. It publishes 70-plus magazines each month, and produces 60 websites and 27 annual live events and exhibitions.
"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," Wood noted in the memo cited by the Guardian.
In the United States, Future US publishes well-known gaming titles such as Official Xbox Magazine, PlayStation: The Official Magazine and Nintendo Power, as well as titles in technology, music and living, such as Guitar World, Maximum PC and Cycling News.