‘Video Business,’ Other Reed Mags for Sale30 Jul, 2009 By: Erik Gruenwedel
Video Business, the home entertainment publication associated with veteran trade Daily Variety, is on the sales block.
Citing a “far harsher advertising environment than any of us have experienced before,” Keith Jones, CEO of Reed Business Information, the largest business-to-business publisher in the world, July 30 said the media company planned to sell about 50 U.S.-based publications.
The sell off would leave RBI with about 30 publications in the U.S.
Jones also announced the departure of Tad Smith, CEO of RBI’s U.S. operations. CFO John Poulin replaces Smith as acting CEO.
Other titles on the block include Publishers Weekly, Library Journal, Broadcasting & Cable, TWICE and Multichannel News.
Titles not for sale include Daily Variety, Marketcast and Reed Construction Data, among others.
"This has been a difficult decision to reach as there are many strong brands here, with very experienced and professional teams running them, but we have concluded that they are less well suited to RBI's strategy going forward,” Jones said.
RBI operating profit for the first half of 2009 fell 43% to $64.3 million from $102.3 million last year, with revenue declining 17% to $764 million from $798 million, including a 26% drop in the United States, according a filing.
RBI parent Reed Elsevier last year tired unsuccessfully to sell RBI for a reported $2 billion.