As part of a major restructuring effort, the publisher of Edge, PC Gamer, and GamesRadar aims to cut staff, sell off magazines, and consolidate its editorial teams.
that the UK magazine publisher -- best known for properties such as Edge and GamesRadar -- will be shuttering many of its game-focused websites as it aims to streamline its loss-making business.
Future has plans to close CVG, Edge Online and the websites for Official PlayStation, Official Xbox, and Official Nintendo magazines, MCV reports
The company recently laid off much of its print editorial staff in the U.S. as it consolidated its publishing efforts around its UK offices, with plans to repurpose UK content in the U.S. Now, Future is planning further cuts of over 170 staff in the UK, it has announced, as it consolidates offices. It has also announced a deal to sell off its crafts and sports magazines in an effort to double down on tech and games.
"The streamlining of our consumer strategy -- with an increased focus on the consumer technology market and a clear channel-neutral approach -- allows for a simplification and standardisation of our digital advertising platforms and opportunities," said CEO Zillah Byng-Maddick, in a statement alongside its financial results.
The company reported pre-tax losses of Ł30.6 million ($51.2 million) for the first half of its current fiscal year. Revenues were slightly up in the UK -- a 2 percent gain -- but down 14 percent in the U.S.
"Our revised business model is based on the virtuous circle of engagement in two core content areas: reviews (when consumers are looking to make product purchase decisions and where we can derive ecommerce revenues) and 'how to' opportunities (when consumers want to learn more and are prepared to pay us to help them do so, through tutorials, events etc)," Byng-Maddick said.