Reed Business Information’s former construction magazines are being re-launched under new ownership, and said owner’s brought back at least one former employee fulltime, reports Folio:.
John White originally founded the magazines that Reed eventually bought and put under its Associated Construction Magazine Group; ACP has now bought the shuttered magazines back from Reed. And ACP is now employing 12 people full-time, one of whom is ex-Reed editorial director Greg Sitek; nine other former Reed employees are doing freelance edit and production work.
We’re happy that these folk have found work doing what they’re (presumably) good at.
How long will it last? In one startling statistic cited by Folio:, we learn that when White sold the magazines, he got around $21 million. This year he expects $5 million in revenue. Ouch.