Customer publisher Publicis Blueprint is to axe a third of its staff, several magazines and is negotiating the departure of its chief executive as a part of a major overhaul at the company.
The company had incurred operating losses of up to £6m and is abandoning several of its ad-funded magazines as a result. It has already closed DVD rental company Blockbuster’s contract title and is in discussions over accounts for a number of hotel chain magazines.
It will now turn to a fee based or part-fee part add-funded model for titles, though is set to continue a number of largely advertising dependent magazines for clients like Homebase, Asda and Debenhams.
The financial losses has already led to the departure of financial director Paul Jeal and chief executive Jason Frost’s position is also under threat. He confirmed to Press Gazette that he was presently on leave while the company is considering his future.
A spokesman for the publisher confirmed that redundancies were inevitable across its UK operations which employs 110 staff but that these were hoped to be ‘fewer than 35″.