IPC is closing six of its magazines as well as its events and exhibitions business, IPC Live, resulting in 115 redundancies.
Your Life,
Marie Claire Health and Beauty,
Woman’s Journal,
Your Garden and
Homes and Ideas will all close as part of an ongoing review of the company and
Parenting’s Complete Guide to Pregnancy will fold back into its parent title
Practical Parenting.
IPC’s chief executive, Sly Bailey, said: “This is the only sensible commercial course of action available to us. We must continue to focus our investment on the key brands which drive profit growth. This necessarily entails closing loss making titles which cannot be returned to profitability.”
Bailey refused to rule out further cuts, saying: “We will continue to review our businesses and the performance and profitability of all of our titles as an integral part of the management of our portfolio.”
She added: “With regard to the closure of IPC Live, new business launches always involve an element of risk. We still wish to participate in the events and exhibitions industry, but as licensor of brands rather than as an organiser.”
The announcement comes as the advertising downturn continues to take its toll on the magazine industry and it is thought that AOL Time Warner, which recently completed the £1.15 billion takeover of IPC Media (see AOL Takes IPC Media For £1.15bn), is looking to cut costs across its portfolio of interests.
IPC also cut back its internet operations earlier in the year closing Beme.com, unmissabletv.com and uploaded.com with the loss of 90 jobs (see IPC Media Closes Online Businesses Costing 90 Staff).
