28th Mar 2014 13:44
LONDON (Alliance News) - Media group and digital publisher Future Friday outlined plans to fast track its US businesses transition away from traditional print to digital, including the lay-off of a third of its US headcount.
The company said that all of its US print support functions, like consumer marketing and production, will be moved to teams in its UK hub. Editorial leadership for its international print brands in the UK will be centralised in the UK. It will not close any brands in this realignment, but it will reduce its US headcount by around one third.
"These changes enable Future's US business to focus squarely on profitable operation of our core US digital brands, which have increased traffic by 40% in the past year and draw over 22 million unique user visits a month," said Chief Executive Mark Wood.
This follows the announcement of Wood's departure as Chief Executive Wednesday. Wood will be taking on a non-executive Director role, and current Financial Officer Zillah Byng-Maddick will take up the position.
Shares in Future were trading up 3.7% at 6.95 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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