UK publisher Haymarket will close two of its media-focused titles this week. Twenty-five year old Mediaweek will cease to publish immediately with today being its final day in print and Revolution, a monthly publication will now become a give away quarterly publication within marketing.
The decision is part of a wider restructure of Haymarket's marketing and advertising trade titles and is expected to see 18 out of 58 editorial jobs slashed.
The move has been suggested to be a part of an intention Haymarket has to form a "centralised hub" of reporters to cover the media, advertising and marketing sectors. Haymarket Business Media's managing director Martin Durham says the move comes after the business has been hit by a "combination of a severe advertising downturn and unprecedented structural change."
According to MediaGuardian.co.uk editors of all the Brand Media print titles will have to reapply for their jobs. These include Claire Beale on Campaign, Lucy Barrett on Marketing Steve Barrett and on Media Week.
Of the decision and the impact the cut backs would have, Durham added: "Our proposed restructure consolidates our marketing communications brands into a stronger and more integrated portfolio that puts them into a commercially sound position well-placed for the recovery."
The privately-held company pre-tax profits almost halve from £8 million in 2007 to £4.5 million in 2008, despite a revenue rise of 8.9 percent to £269 million.
Haymarket already laid off 50 staff last November and is just the latest company to announce layoffs and closures in times of financial strife for all news publications.