His plan, he says, is to tackle PMP's debt by using the company's cash more effectively. The first step toward this plan is to suspend dividend payments. The group's European magazines, are already being sold. But most analysts believe it is the printing business, not the magazines, that holds the future for PMP, adding to speculation that the local titles could also come up for sale. But not only PMP is under pressure.
All companies appear to be tightening their belts.
Yesterday John Fairfax announced it was taking steps to rein in costs associated with its recently acquired Strategic Publishing, a custom publishing business it had hoped to use as a springboard for international expansion. While the company insists that the titles, such as CFO , are on track, Fairfax is integrating the business side back into the main company, as part of a cost-cutting exercise. Over at ACP Magazines, the rumours continue that The Bulletin may go monthly, helped along by the decision to appoint a new advertising agency. ACP is also said to have offered a number of titles to Fairfax in the past six months, an offer that was underwhelming. News Ltd's expansion back into magazines, announced with some fanfare by Mr Lachlan Murdoch, has been more of a whimper than a bang, although a third new title is due to launch soon.