Future network closes mags

By THIS IS MONEY
Updated:

 

TROUBLED tech magazines publisher Future Network has given up its attempts to export its successful American Business2.0 product to Europe by closing British, German and Italian editions.

Future Network, founded by dotcom wunderkind Chris Anderson, but whose recent woes have seen it join the so-called 90% Club of shares trading at less than a tenth of their value last year, is also closing its German office, which has lost £9.3m over the past 16 months.

Future said the closures will cost the company £1.8m and mean up to 78 job losses.

Business2.0 launched in Britain last May and had a circulation of around 50,000, with another 50,000 being sold on the Continent.

The company said the closures would not affect Business2.0 in the US, which Future Network has already put up for sale.

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