In an interim management statement released Friday morning, London-based trade publisher United Business Media indicated that it plans to shut down more magazines before the end of the year.
In the statement, which said the company’s full-year earnings will be in line with expectations, UBM said it is “managing our portfolio towards a smaller set of market-leading, commercially sustainable titles, each operating within an integrated product portfolio.” In the medium term, UBM said many of the markets its print businesses serve support a small number of print titles, which will likely be “complementary components” of an integrated product portfolio.
UBM cut 350 staffers and eliminated 15 print titles through the first half of the year, it announced in an earnings report in July. When contacted by FOLIO:, a UBM spokesperson declined to offer any details about recent/forthcoming closings but said the company will report “specific numbers” with its fiscal year end report due out in March.
The company said its data, services and online group has seen mixed results so far this year, with online advertising not showing “any improvement.” Banner advertising continues to be “pressured,” but the company said it is seeing growing demand from marketers for other online services, including lead generation.
Through the first half of 2009, UBM’s print adjusted operating profit plummeted 77.9 percent to $5.5 million. The data, services and online division reported $26.4 million in adjusted operating profit, down 43.6 percent.