In a recent trading update, London-based United Business Media said that the company is expected to reduce its worldwide workforce by roughly 5 percent, or 350 employees, before the end of the year.

The cost cutting initiative began during the second half, UBM said. Before the layoffs, UBM employed approximately 6,500 people in more than 30 countries.

Since the workforce reduction is not yet complete, a UBM spokesperson said he could not comment on the breakdown of layoffs by geography or business unit. Earlier this month, UBM-owned TechInsights—one of the businesses that formerly made up CMP Technology—reorganized and cut 10 percent of its staff. Those layoffs were included in UBM’s overall initiative.

Last week, UBM reorganized its East Windsor, New Jersey-based Commonwealth Business Media unit, which publishes several magazines targeting the global trade and transportation market. The business was split into UBM Aviation and UBM Global Trade.

The move follows UBM’s reorganization earlier this year of CMP Technology into four market-focused businesses: TechWeb, the Everything Channel, Think Services and TechInsights.

Despite the job cuts, UBM in the statement said the company is “on track” to deliver “solid performance” for investors. Without disclosing specific numbers, the company said it achieved in November its highest monthly operating profit over the last six-year period.

The company also made three acquisitions over the last month—China-based Sanguine Microelectronics and XPRN, and Berlin-based Global Games Media. Combined, the deals are valued at approximately $16.1 million.