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Future Network to close German ops, European editions of Business 2.0
LONDON (AFX) - Future Network PLC said it is to close the loss-making Future Verlag GmbH in Germany as well as the German, Italian and UK editions of business magazine Business 2.0, to "re-focus the business on core, profitable
business areas".
The company said the closure of Future Verlag will result in a one-off charge of 800,000 stg in the current year, while costs of closing the UK and Italian editions of Business 2.0 are estimated to be about 1 mln stg.
Future blamed the closure of the European editions of Business 2.0 on the downturn in the advertising market in the business sector.
The U.S. edition of Business 2.0, however, is not affected.
The group had announced on Feb 16 that it retained Morgan Stanley Dean Witter to explore options for the next stage of development of the U.S. edition of Business 2.0, including possible sale or joint venture. "This review is continuing but it is now clear that, whatever the outcome of
the review, the European editions will need to be closed," it added.
In addition, Future said Future Verlag is expected to make losses of 2.9 mln stg in the current year prior to the closure, on revenues of 2.5 mln. It added IDG has agreed to fulfil Future's existing subscription obligations for PC Player, Future Verlag's principal PC games magazine, by providing its own title Gamestar to the subscribers of PC Player. Chief executive Greg Ingham commented: "We naturally regret having to make these closures. But they reflect our continuing determination to re-focus the business around core, profitable, business areas in those markets where we enjoy a leading position.
"During the tough market conditions being experienced, we intend to reduce risk in the business by concentrating on those profitable business areas."
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