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Article: Murdoch looks to cut losses at News International's magazine unit
- Article from:
- The Independent (London, England)
- Article date:
- June 18, 2008
- Author:
CopyrightCopyright 2008 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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News International, the publisher of The Times and The News of
the World, is closing its loss-making magazine unit in a move that
marks James Murdoch's first attempt to put his stamp on the business
since he took the job as European head of the group's parent company
in December.
The Chelsea-based News Magazines, which was set up in 2005 and
publishes three titles, lost almost 10m last year, its second
consecutive year of poor performance. But although News
International is "disengaging" from the magazine business, it does
not plan to close down the individual titles.
The group is looking for buyers for the Love It! real-life
weekly, which has a circulation of nearly 370,000 copies per ...