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Business 2.0 folds in Europe
Future shuts German ops
Future is to shut down Business 2.0 in Europe. The closure of the UK, German and Italian editions will cost it £1 million.
At the same time, it is shutting down its heavily lossmaking German subsidiary, Future Verlag.
Not so long ago Business 2.0 ws described as the jewel in Future's crown. In February, the company employed Morgan Stanley Dean Witter to find a buyer for the magazine, but it says that whatever the outcome, it's "become clear that European editions will need to be closed". A downfall in advertising is blamed. The US edition remains open for business - and perhaps is a more attractive prospect for potential buyers now.
Earlier this month The Industry Standard shut down its paper operations in Europe - but this title never had an upswing in advertising to lose in the first place.
Future Verlag looks decidedly sickly - the company lost
DM 20.5m (£6.4m) on revenues of DM 22.5m (£7m) in 2000.
The company is expected to lose another DM 2.9m on sales of DM 7.7m (£2.5m)in the run-up to closure. After the disposal (presumably sale) of some assets, Future expects to take a hit of DM 2.5m (#0.8m) for the closure of Germany.
IDG is taking on Future Verlag's subscription obligations for PC Player, its main PC games title, by supplying its own rag Gamestar instead. ®