UBM on the lookout for more acquisitions Time Inc. closes "FSB' Forbes Media plans new round of job cuts

Published on .

United Business Media, owner of Everything Channel and other tech media properties in the U.S., said in an Interim Management Statement that its outlook remains “stable, with no indications of either further deteriora-tion or of improvement.” The company said its Asia and Latin America businesses are thriving, but its U.S. divisions, “particularly those serving the technology and trade sectors, continue to be affected by the challenging recessionary environment,” according to the statement. UBM has spent about $30 million on acquisitions this year and remains on the lookout for further opportunities. “The focus of our acquisition efforts remains on trade shows and IP-based data and service businesses, and on opportunities in emerging markets, particularly in China, India and Brazil,” the statement said. Time Inc.'s Fortune Small Business has been shuttered, a Time Inc. spokesperson confirmed. The October issue was FSB's last. FSB was a controlled-circulation custom magazine that Time Inc. produced for American Express Corp. The shutdown of the publication came amid widespread layoffs at Time Inc., where about 500 job cuts were expected. Time Inc. parent Time Warner plans up to $100 million in restructuring costs at the magazine unit, which saw ad sales fall 22% in the third quarter, compared with the same period last year. Forbes Media plans additional job cuts, according to an internal memo from company CEO Steve Forbes. “We—and the entire media world—have been hit hard by both the severe recession and the seismic shifts wrought by the Web. Given these dramatic events, further layoffs, unfortunately, are necessary across the entire organization,” Forbes wrote in the memo. Forbes Media did not reveal the number of cuts it planned to make. Forbes magazine saw its advertising pages plummet 30.8% in the first three quarters of this year compared with the same period last year. In 2008, its ad pages fell 14.3% compared with 2007.
Most Popular
In this article: