Private Frazer’s Doomed Magazines

October 27, 2011

Silent Spring

Filed under: Future Publishing — privatefraser @ 8:39 am
Tags: ,

From PaidContent:

“Magazine publisher Future is “eliminating an entire tier of overhead” in the shape of CEO Stevie Spring and FD John Bowman…Spring will be replaced by Future’s UK CEO, Bowman replaced by UK finance director Graham Harding.”

Bath pubs should expect a significant upsurge in business today, as the remnants of Future’s staff hit the bars in celebration.

Some interesting facts:

  • In the year from October 2010, Spring’s salary was £400,000, Bowman’s was £246,000 .
  • Spring also had a £160,000 performance-related bonus, Bowman £39,000.  (You have to ask if they can get £200K for last year’s dismal performance, what sort of bonus they would have got if they’d actually achieved anything.)

A nice quote for Chairman Peter Allen “[These departures] achieve substantial savings by eliminating an entire tier of corporate overhead.”

How Stevie likes her years of tireless self-promotion dedication dismissed as ‘corporate overhead’ is not known.

And is it just me, or do the statements and the speed of this move suggest that the departures were not, perhaps, entirely voluntary? The corporate statement says “ Stevie Spring, CEO, and John Bowman, FD, have resigned with immediate effect.” No warm words from Stevie, no handover period, no farewell tour – just ‘resigned with immediate effect.’

My work here is done.

July 19, 2011

A Grimmer Future

Filed under: closures,consumer magazines,USA — privatefraser @ 1:22 pm
Tags: ,

A trading statement from Future reports revenues that are declining faster than expected, and the Blessed Stevie makes the ultimate sacrifice – she’s going to fire a whole load of people on both sides of the Atlantic. No news on what her pay rise is going to be this year.

So what now for Future’s titles? Which are they going to decide are rooted in the past and have to be ‘recalibrated’ (Stevie’s new euphemism for ‘sacking people’).

A strong rumour has it that PC Format (2010 ABC 9,318, down 21% yoy) is looking down the barrel, but there are several more which seem to have been on life support for some time. In technology, you can take your choice from What Laptop (6,585, down 20%), Computer Arts Projects (6,647 down 20%) and PC Plus (13,727, down 21%) all of which would seem to be long overdue a ‘reorganisation’. Motoring has my perennial favourite Fast Car (19,004 down 27%), Redline (9,623 down 26%), plus the almost utterly pointless Fast Ford and Total Vauxhall; and the music magazines contains three guitar titles, all of which are losing sales.

Gossip from Future should be directed towards and watch this space.

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