Private Frazer’s Doomed Magazines

January 14, 2010

Time Up

Filed under: Chair by the door,consumer magazines — privatefraser @ 5:51 pm

Just how unpleasant are things going to get at Time Out? The Evening Standard reports that Tony Eliot might have to pony up £3 million to keep the company going, and Media Week has news about a round of redundancies.

In the annual accounts the auditors warn that the group could “require further financing to continue trading” if it fails to meet “forecast trading results” this year or if Mr Elliott does not invest £3 million by June.

The London edition of Time Out had an actively paid circulation of 68,579 in July-December 2007 ABC figures; that had fallen to 55,928 for January-June last year, or nearly 20% off in 18 months. Advertising was reported to be down 30% last year.

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