CMP Technology: Restructuring Nearly Complete
CMP Technology‚Äôs 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 Technology¬†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 additional¬†digital products, effectively shifting its focus to digital media.¬†
‚ÄúThree years ago, print accounted for about 70 percent of our business. This year, it‚Äôs only about 35 percent,‚ÄĚ Weitzner tells Folio: Alert. ‚ÄúWe‚Äôre not only acquiring and creating digital products, we are changing our infrastructure to strengthen our digital and online capabilities. We‚Äôre looking to create an immersive online experience.‚ÄĚ¬†
According to parent company United Business Media‚Äôs 2007 first half results statement, CMP Technology‚Äôs revenues were approximately¬†$187.2 million, down 10.2 percent from about $208.5 million over the same period in 2006. Underlying revenues‚ÄĒadjusted to reflect discontinued business and acquisitions, as well as revenues from bi-annual events‚ÄĒwere down only 8.3 percent. ‚ÄúCMP Technology has made radical changes to help the company evolve within a dynamic market, and will continue to make changes,‚ÄĚ says Peter Bancroft, UBM director of communications.¬†
CMP Technology this summer also acquired a number of informational Web sites, including HowMachinesWork.com, and purchased¬†something called¬†Semiconductor Insights, a media and consulting services company targeting the global semiconductor industry, for $26 million.