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Posts Tagged ‘Financial Times’

‘Financial Times’ Gears Up For Pink Slips

The Financial Times is the latest publication to get hit with the wrath of the economy as CEO John Fallon announced a plan to save 100 million pounds (roughly $151 million) next year.

In fact, as per a piece on Bloomberg, at a meeting across the pond he informed staff there will be less jobs in the U.S. and the U.K. The changes sound pretty aggressive only because he mentioned the company will attempt to restructure within a year compared to a normal timeframe that’s spread across six years for such changes.

As for the changes themselves, there will be less roles within the print business. As pointed out in the piece, according to a confidential source, specific numbers to the job cuts themselves weren’t revealed. It sounds like their focus will move from its education business to digital.

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‘FT’ Paid Subscriptions Up 9% in 2008, Still Firing People: Wha?

The iconic pink paper is actually making money(!) from paid subscriptions, according to an earnings statement from Financial Times‘ owner.
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According to Pearson, which owns and operates Financial Times, FT.com, and The Economist, online subscriptions, which cost between $178 and $400 a year, grew to 109,609 in 2008, five times more than the rise in non-paying registrations.

However, there are nine times more non-paying registrations: 966,000, according to the report. Non-paying, registered users can access only 30 articles per month.

Meanwhile, FT Group profits rose 13% to £195 million ($277 million), and the company expects “strong renewal rates in our subscription business” for 2009.

Is this a pay-wall success story? It doesn’t spell R-E-L-I-E-F for journalists hanging onto their jobs just yet. For one thing, FT‘s market demographic is much different than the demographic of a daily paper; FT‘s readers are probably willing to pay for this vital-to-them information because they can’t get it anywhere else.

And even with profits like these, CEO John Ridding is laying off 80 people—20 from the newsroom.


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