A flood of industry awards and accolades (including ASBPE’s Magazine of the Year) weren’t enough to save CXO Media’s CMO
, which shuttered this week, despite an 11 percent increase in ad pages since last March and a 62 percent jump in ad pages for it’s one-year anniversary issue in September 2005.
CXO, which in September undertook a corporate restructuring to put more focus on online, events and custom media, said the decision was made as both a part of that new strategy and the performance of CMO. “When you look at how it was performing based on a three-year business plan, while it was in line with the first year, it started to fall off in the second and third years on the advertising side,” CXO president and CEO Michael Friedenberg told FOLIO:.
The CMO Web site
, which drew over 33,000 unique visitors per month and had made an effort to ramp up with blogs, podcasts e-newsletters and Web-only content, will remain live for now but shut down on March 1. The closure of CMO has resulted in a 10 percent reduction of staff (on top of the 10 percent cut during the restructuring last fall). CXO has also sold the CSO Executive Council to Bob Hayes, general manager of the Council.
While Friedenberg won’t share specific numbers, he says CXO is seeing solid performance from its remaining two print properties, CIO and CSO. “We’re 100 percent committed to each of them,” he adds. “In the first quarter of 2006, CIO and CSO will be up in revenue profit, and in market share.”