UBM Has ‘No Plans’ to Shut Down Canon Titles
Brands to stay in print despite company’s recent history of closures.
Even after shrinking its print magazine operation by some 35 titles over the last two years, United Business Media says it has no plans to close down any of the 24 print publications it purchased late last month in the $287 million acquisition of Canon Communications.
Last week, UBM formed UBM Electronics, a new company it says combines UBM’s existing EE Times Group portfolio with Canon’s electronics related products, including the EDN brands and Test & Measurement World. A UBM spokesperson says Canon’s non-electronics magazines will be managed “using the same approach as we use to manage all the other UBM titles” under the UBM Canon publishing group, which is headed by Canon’s Ron Wall as senior vice president.
Since the beginning of 2009, UBM has continued to reduce the size of its magazine publishing operation, having shut down 31 titles in 2009 and four more through the first half of 2010. (No titles were closed during the third quarter.) The reductions, however, have resulted in profit increases. While print sales are down 15.3 percent to approximately $163.7 million through the third quarter this year, adjusted operating profit grew to about $5.6 million from $2 million during the same nine-month period last year.
As of September 30 (prior to the close of the Canon deal), UBM published a total of 106 print magazines in the U.S. and abroad.