11th Aug 2020 12:11
(Alliance News) - Time Out Group PLC will restart magazine distribution only in London, Madrid and Barcelona as part an ongoing business review, the Financial Times newspaper reported on Tuesday, citing Chief Executive Officer Julio Bruno.
According to the newspaper, the media and leisure business is likely to curtail printing in the US and Portugal and is also reviewing other territories.
Bruno told FT that the company plans to instead focus on its digital platform and food markets.
"We'll have to see what the public and advertisers want," Bruno said.
Time Out intends to publish 250,000 issues of its most recent print edition in London, which will restart as a monthly, compared with the 310,000 copies it used to distribute weekly before the Covid-19 pandemic, according to FT.
Bruno told the newspaper that Time Out was seeing a bit of pick up in London print advertising, the company's strongest market, and its Lisbon food market returned to profitability last week.
https://www.ft.com/content/07d73053-ff7c-4c2c-9936-daebd8cc7350
Shares in Time Out Group were up 2.9% at 36.00 pence each in London on Tuesday afternoon.
By Tapan Panchal; [email protected]
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