At the start of the week, the news was all good for PBL Media. The banking syndicate approved CVC’s rescue package, giving the company breathing room for the next year or so. Party time! But, by the end of the week, reality kicked in again, at least at ACP Magazines. The bean counters running the show are determined to cut costs in a retarded advertising market, which means bye-bye head count.
FHM, the struggling lads title, had even more meat stripped from its bare bones with its fashion editor given the shaft. Grazia‘s also been forced to lose staff, and there will be more to come at other titles. That’s on the back of the entire removal of ACP’s publicity department and rumours of 20% staff cuts in sales and marketing.
And just recently, all editors were summoned to a Park Street meeting where they were told to expect two years of tougher-than-usual trading conditions. Miserable times in Mag Land, indeed.
Still, it’s not all bad news. Ninemsn remains buoyant, further proof, if it was needed, that the future is indeed digital.