CMP Technology: Restructuring Nearly Complete
CMP Technologyâs corporate restructuring is nearly complete, according to CEO Steve Weitzner. Facing significant annual declines in technology print advertising and realizing massive changes in audience information consumption, CMP TechnologyÂ in June laid off 200 employees as part of a dramatic restructuring. In the three months since, the publisher has either folded or converted a number of its existing print titles to online and has acquired additionalÂ digital products, effectively shifting its focus to digital media.Â
âThree years ago, print accounted for about 70 percent of our business. This year, itâs only about 35 percent,â Weitzner tells Folio: Alert. âWeâre not only acquiring and creating digital products, we are changing our infrastructure to strengthen our digital and online capabilities. Weâre looking to create an immersive online experience.âÂ
According to parent company United Business Mediaâs 2007 first half results statement, CMP Technologyâs revenues were approximatelyÂ $187.2 million, down 10.2 percent from about $208.5 million over the same period in 2006. Underlying revenuesâadjusted to reflect discontinued business and acquisitions, as well as revenues from bi-annual eventsâwere down only 8.3 percent. âCMP Technology has made radical changes to help the company evolve within a dynamic market, and will continue to make changes,â says Peter Bancroft, UBM director of communications.Â
CMP Technology this summer also acquired a number of informational Web sites, including HowMachinesWork.com, and purchasedÂ something calledÂ Semiconductor Insights, a media and consulting services company targeting the global semiconductor industry, for $26 million.