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Future Publishing Restructures, Likely Suffering Layoffs
Media house Future Publishing has announced a restructuring program that will lay off some of its staff. Reports from Media Week indicate that newly-appointed chief executive Zillah Byng-Maddick has sent out an email to all staff revealing its plans.
Reasons for restructuring are stated to be caused by the current complexity of the company’s different aspects. In order to tackle this, Future Publishing will streamline its content through one central position for all content and marketing.
In talks with Media Week, Byng-Maddick stated:
At its heart, Future is a great business, but its structure is too complicated.
We’re planning to refocus and simplify our business around those two key stakeholders.
Future Publishing won’t make its layoff number known until a 45-day process. Expect to hear known outlets being targeted soon, as the article states “no part of the business will be unaffected.”
Recently, the company also stated that it would announce profits that were below predicted numbers of £9 million. This caused their shares to tank 30 percent.
To reiterate: It won’t make the indicated “profits” it thought it would. That’s how business works.
Future Publishing houses a lot of media arms. Just a few publications include CVG, Edge, PC Gamer, Gizmodo and Gamesradar. It also puts out official magazines for Nintendo, Xbox and Playstation.
Strangely enough, the company just launched Kotaku UK as an entire new venture this very month. Though it should be noted that these things are in the pipeline for a tremendously long time, maybe it’s not the wisest move to follow through on it, if you know you’re not performing as expected.