Emap to cull magazine portfolio
Emap is expected to cull the number of magazines in its portfolio as part of a cost saving exercise.
The news comes ahead of the release of the latest ABC circulation figures on Thursday.
Emap’s consumer magazine arm, which is responsible for magazines such as FHM, Heat, Grazia and Zoo, is expected to dispose or shut less successful, smaller titles in order to focus on fast-growing brands across a multiple number of platforms.
The company is also placing more emphasis on growing its digital formats, such as websites and mobile phone channels, which is in line with its purchase of new media business Yospace Technologies at the start of February.
Around 150 jobs in its consumer magazines business are in jeopardy as a result of the pruning. The company is expected to be consulting with staff at the end of the month and a number of voluntary redundancies are likely to be made. Emap chief executive Tom Maloney’s job is also under scrutiny.
The announcement follows Emap’s third profit warning in a year blaming weak market performance in both radio and consumer magazine sectors for an annual performance that is likely to be “toward the bottom end of market expectations”.
Emap’s radio arm, which operates radio stations Kiss and Magic, has already announced 50 jobs would be cut from its regional radio stations, but the consumer magazine side is expected to be hit the hardest.
Emap’s troubled men’s magazine has also replaced long standing editor Ross Brown with editor-in-chief of Zoo and Arena Anthony Noguera.
The company was unavailable for comment.
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