Hearst Magazines is bidding farewell to one in all its edgiest girls’s titles.
The firm behind Cosmopolitan and Harper’s Bazaar is selling the US publishing rights of Marie Claire to London-based Future Media, which already publishes the style and sweetness journal in London.
Hearst Magazines president Debi Chirichella broke the information staffers on Tuesday.
“This morning, it will be announced that we have completed a transaction with Future,” Chirichella wrote in a memo, a replica of which was obtained by Media Ink. “Our Marie Claire US colleagues were notified of our plan this morning and we will do everything we can to ensure that the transition to new ownership is a positive one.”
Hearst has been working Marie Claire within the US for 27 years as a joint-venture with the founding firm, Paris-based Marie Claire Album, which can be selling to Future Media. The journal was first printed in France in 1937, however finally turned identified for its edgy articles about girls’s points, together with feminine genital mutilation.
“As the industry continues to evolve, the partners believe that the brand would be better served by a single owner, rather than the current 50/50 joint venture structure,” Chirichella wrote.
The information follows per week of huge modifications at Hearst, which up till now had managed to journey out the pandemic without major upheavals to its workforce.
That has modified in latest weeks. Last week Heart’s UK unit, National Magazine Company, introduced plans to minimize 20 % of its workforce and shut the British version of Town & Country because the pandemic continues to squeeze the journal enterprise.
The cuts will end in a employees discount of about 160 folks, or about one-fifth of the present complete UK employees of 800.
In breaking the information to staffers Thursday, National Magazine Company CEO James Wildman mentioned the UK unit will now search to work extra intently with Hearst’s US operations answerable for journal like contains Cosmopolitan, Esquire and Harper’s Barzaar.
“The pandemic has accelerated trends that were already changing media consumption habits and our customers’ needs,” Wildman mentioned within the memo, a replica of which was obtained by Media Ink. “To match these shifting consumer and advertiser demands, we must continue to transform our company and our proposed changes will mean around 20 percent of our people being involved in the consultation process through the closure and pooling of roles. Sadly, this will mean some valued colleagues leaving the business.”
The British version of Town & Country, which was solely launched within the UK in 2014, will shutter totally whereas different titles will see their frequencies diminished, Wildman mentioned.
The UK cuts comply with a voluntary buyout program provided within the US to the gross sales and advertising groups of Hearst Magazines. The deliberate cuts, introduced by Chirichella earlier this month, will cowl 600 of its 2,200 staffers.
Unlike in Britain, the US has not made plans to minimize editorial — but. Chirichella did warn, nonetheless, that if the corporate doesn’t get sufficient volunteers for its enhanced severance packages that involuntary layoffs may comply with inside weeks.
The information is extra bleak in Britain.
“As Debi said in her earlier note, despite the challenges presented by the pandemic, we can point to important commercial achievements including the growth of our print subscriptions, digital advertising revenues and e-commerce alongside many brilliant editorial accomplishments across all our brands,” Wildman mentioned in his memo.
Hearst will hold the 2 corporations as separate entities even because it cuts editorial staffers in Britain and forges deeper ties between its US dad or mum manufacturers.
“For Editorial specifically and as part of a more connected international content strategy, many of our brand teams will work more closely with our colleagues in the United States,” Wildman famous. “This means stronger collaboration and support, while continuing to delight our millions of readers by remaining culturally relevant and distinctly British. This approach will likely involve headcount reductions across some of our Editorial teams, and we also propose ceasing publication of Town & Country, selling NetDoctor, and reducing the frequency of some of our print titles.”
In addition to the publishing distinctly Hearst titles, the National Magazine Company firm can be the licensee for different US corporations, together with producing British editions of Meredith owned titles Men’s Health, Women’s Health and Runner’s World, in addition to producing residence grown titles similar to Prima and Red which can be solely accessible in Britain.
Even earlier than the pandemic hit, the National Magazine firm was working a pre-tax loss, in accordance to filings at Companies House, the British monetary clearing home. Pre-tax losses in 2019 have been £2m, down barely from £6m the 12 months earlier than. Revenues dropped 3.6% to £140.6 million from £146 million. Operating revenue within the 12 months, nonetheless tripled to £2.2 million from £0.7 million. The firm has not launched its 2020 report however Wildman warned again in September that the corporate was anticipating operational losses for the 12 months that might eat right into a “large portion” of its money reserves.