Future Closes German Business And European Business 2.0 Editions
Future Network has this afternoon announced the closure of both its loss-making German operation and the European editions of internet business magazine Business 2.0.
The German, Italian and UK editions of Business 2.0 are also to be closed. The downturn in the business sector ad market has adversely impacted Business 2.0 in Europe, the company said this afternoon. Costs of closing the UK and Italian editions are expected to be about £1 million.
Meanwhile, Future has appointed Morgan Stanley Dean Witter to look for a possible buyer or joint venture partner for the US edition of Business 2.0 (see Business 2.0 Close To Sale, Says NYP), itself not affected by the European closures.
Commenting on the moves, Greg Ingham, Future Network’s chief executive, said: “We naturally regret having to make these closures. But they reflect our continuing determination to re-focus the business around core, profitable, business areas in those markets where we enjoy a leading position. During the tough market conditions being experienced, we intend to reduce risk in the business by concentrating on those profitable business areas.”
By 3:00pm today Future Network stock remained unchanged at 72½p.
