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- guardian.co.uk, Tuesday March 27 2001 18.21 BST
Memo to staff:
Today's digital market is very different from a year ago.
The current climate is tough for everyone: advertising revenues are slower, e-commerce adoption is disappointing, business models are still evolving and straining under pressure.
We've learnt a lot about the digital market and about our business portfolio over the last 12 months. We continue to believe strongly in our digital business and our ability to succeed. However, given prevailing market conditions and volatility, we will be taking immediate steps to reduce our absolute level of exposure in the UK.
1. We intend to focus our investment and resources on a few strong, high value businesses: in short to back winners. This means closing some businesses and reorganising others.
The businesses we will be closing are:
a. anglingtimes.com, golferworld.co.uk, golfermagazine.com, grogro.com, countrywalking.com, trailmag.com, birdwatching.com, seaangler.com, troutandsalmon.com, b. screendaily.com, shots.net, c. motherandbaby.co.uk, d. theclickuk.com and associated sites
The businesses we will be restructuring are:
e. fhm.com, empireonline.co.uk, newwoman.co.uk, reddirect.co.uk, f. The Music portfolio, including q4music.com and mojo4music.com, g. hsj.co.uk, lgcnet.com, nursingtimes.net, therapy.co.uk.
We will continue to review the digital Slam, Travel and Produxion businesses.
The other businesses will largely be unaffected.
2. We intend to improve efficiencies and economies of scale across the business. This means restructuring a number of central functions.
We will be restructuring:
a. Commercial b. HR c. Marketing d. Central Business Management e. Business Development
3. We intend to apply more stringent disciplines to the way we continue to fund and manage the business. This means introducing new budgets, performance measures and risk management policies. Further details will be communicated in due course.
Our vision is to build a business that generates significant shareholder value by creating compelling digital experiences that entertain and inform, in so doing unlocking the full potential of EMAP assets.
