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Cosmopolitan UK publisher to cut 100 jobs

2009.03.01
 

The publisher, which produces 17 consumer titles including Cosmopolitan, Esquire, Good Housekeeping, and Harper's Bazaar, said the move was one in a series of measures designed to reduce its costs "in the face of unprecedented economic challenges to the business". NatMag is the principal business in the UK of American media giant Hearst Corporation.

"These are the worst conditions that we have faced in my 20 years at NatMag and the impact to the revenue side of our business is largely outside of our control," said Duncan Edwards, chief executive of Natmags.

"We are therefore acting now to reduce the cost base of the business to enable us to get through this period in the best shape we can. It is a matter of enormous regret that we will be parting company with so many colleagues and we will do everything we can to minimise the redundancies and to ensure that those that do go are treated well," Edwards added.

The latest round of job cuts follow quickly after the disclosure, earlier this month, that a number of NatMag's women's titles had suffered big drops in their circulation in the latest ABC figures for the second half of 2008.

NatMag's Real People fell a hefty 19.4% year on year to an average of 217,241 copies each week. Sister title Best was down 10.5% year on year to an average circulation 295,970; while Reveal magazine, another celebrity title to take a fall, was down 17.2% year on year to 270,014.

http://www.guardian.co.uk/media/2009/feb/26/natmag-job-cuts

 

 

 

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