UBM Shut Down 31 Magazines, Cut 479 Jobs
Earnings report shows print accounted for just 5 percent of adjusted profits.
London-based United Business Media last year continued to reshape its business by shrinking its print magazine operations while concentrating more on higher revenue generating businesses, including data and events. Print magazines, the company said, accounted for 5 percent of its overall adjusted profits.
For the 12-month period ended December 31, 2009, UBM reported roughly $257.8 million in adjusted operating profit, compared to $261.3 million in 2008. Revenues were approximately $1.27 billion, down from $about $1.33 billion the prior year. Print, meanwhile, accounted for only $13.4 million in adjust profit, a decline of more than 60 percent from about $35.9 million the prior year.
As part of its migration away from print, UBM said it shuttered 31 magazines in 2009. The company also said it reduced its headcount last year by 479.
‚ÄúDespite the tentative and uneven economic recovery we see across our markets, we believe we are very well positioned for profitable growth in the medium term,‚ÄĚ UBM CEO David Levin said in a statement.
UBM is the parent company of TechInsights, Everything Channel, TechWeb, ThinkServices and CMPMedica.
Separately, UBM said it acquired a 70 percent stake in the Sign China tradeshow for roughly $16.1 million. It also acquired E Commerce Expo Ltd for approximately $903,000 in cash and a deferred amount that it said is dependent on future financial performance. UBM said E Commerce generated roughly $1.2 million in revenue last year.
Post Comment / Discuss This Story - Info/Rulesblog comments powered by Disqus