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Operating profits tumble at United Business Media

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London--United Business Media, the parent company of U.S.-based CMP Media, Tuesday announced 2001 offline operating profits of $145.3 million, down from $282.4 million in 2000. Including a write-down of goodwill totaling $526 million relating to its 1999 acquisition of CMP, United Business Media posted a loss of $807.6 million in 2001. Its professional media division, of which CMP Media is the anchor, continued to struggle in 2001, with ad pages off about 40% and no change seen on the horizon. Overall, United Business Media trimmed $156 million in expenses, the large majority of it coming from CMP Media in the form of job cuts and publication closings.
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