Colin Morrison
More than 40 magazine journalists could lose their jobs at Future Publishing in the latest round of cost-cutting.
The cuts are said to be the final stage of the restructure which has seen Future close seven magazines and shed more than 100 jobs since February. The company, which owns titles such as The Official UK PlayStation Magazine, has come under pressure from a downturn in the internet and IT markets.
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Future said the latest move would result in 140 job losses, around 40 of them journalists. At least 100 jobs will go in Bath and the rest in London. Future is vacating one of its two buildings in the capital and three in Bath.
Colin Morrison, chief operating officer, insisted there were no immediate plans to close titles. He said some journalists made redundant would be offered internal vacancies. Staff are in a period of consultation likely to last up to eight weeks.
Despite the move, Morrison said: "We will continue to be a company that is editorially led. Our chairman, chief operating officer and chief executive are all ex-journalists," he said.
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The latest changes also include a reduction in centralised support services, rationalisation of the company’s property portfolio and a change in the way the UK business is managed, with more responsibility being devolved to the individual divisions.
Future has divided its entire UK business by dividing it into three separate divisions – games, entertainment and computing.
The cuts, and those announced in February, are expected to reduce the total fixed costs of the UK business by an estimated £8.5m.
Freelances claim they have also felt the pinch with individual titles slashing their budgets.
By Ruth Addicott
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