Wired Ventures is closing the U.K. edition of Wired
magazine with the March issue after failing to find a local partner for the two-year-old title with a circulation of 40,000. A Japanese edition is published under license. A Wired Ventures spokesman in San Francisco says the company had tried to raised up to $60m last year but was only able to come up with $21.5m in a public offering. "What changed was Wired Ventures' financial situation," the spokesman says. "We were no longer able to finance something like this (U.K. edition) to profitability by ourselves."
Wired Ventures CEO Louis Rossetto says the U.K. Wired "was meeting all our original objectives in terms of circulation, advertising and editorial quality. However, as a small company, we simply ran up against the limits of our ability to finance and operate a standalone magazine without a major partner in the hyper-competitive London market."
Copyright February 1997, Crain Communications Inc.