Reed Business Information U.S., which warned in a memo last week that it will start closing some of the mags it was not successful in selling off, has announced the first such closure: Video Business, a 29 year-old mag that has been on the bubble for years now, is closing, starting immediately. Jan 4th was the final print issue and its online operations will be closing down as well. The company is also closing MBT (Manufacturing Business Technology) and Industrial Distribution. The company is now directing VB readers to Variety.com, which recently went behind a paywall.
This comes after a memo Dec 31st (which we reported on first) by RBI U.S. CEO John Poulin, who explained that the company was having a tough time selling off the magazines in its portfolio that were for sale, and “will result in title closures and job losses across the business during the first half of the New Year.” This is the how it is starting the new year for them. Any bets on how long before they also put Variety, currently not part of the sale process, on the block as well? Over the years, multiple Hollywood money types have had interest in buying the title, and is probably cheaper now than ever.