Crain Communications Pulls Plug On FinancialWeek.com; Folds Two European Magazines
This story was written by Tameka Kee.
Crain Communications continues to pare down its portfolio: just two days after pulling the plug the long-standing RCR Wireless brand, the B2B publisher is shutting down FinancialWeek.com and folding two European magazines, Business Insurance Europe and Automotive News Europe. U.S.-based pubs Business Insurance and Automotive News will now handle the European coverage online and through special issues.
In a memo obtained by Talking Biz News, Crain Chairman Keith Crain said that the economic crisis had "dried up business for these titles and forced these actions." The company ceased printing Financial Week and went online-only in December, but Crain said that there still wasn't enough advertising "to make it viable." An undisclosed number of jobs will be lost as a result; the company laid off 50 staff across several of its magazines in December as well. Release.
By Tameka Kee