3media Group Ltd, New Zealand’s largest privately owned B2B publishing company has been placed in receivership.
The company has been for sale for the past three months prior to voluntary liquidation, but prospective buyers have had difficulty raising funds to purchase 3media’s relatively large portfolio of magazines, newsletters and industry award events, as stated by Gerry Rea, appointed as liquidator by the Bank of New Zealand.
The move to voluntary liquidation meant business as usual for the majority of 3media employees until the sale of the portfolio of business publications had been accomplished, however, on Tuesday, the company moved into receivership and soon after, 13 staff were dismissed. Staff has reportedly halved over the past year.
3media owns 15 monthly B2B magazines and newsletters and promotes and manages major industry events. In March it sold the iconic dairy industry magazine NZ Dairy Exporter to Country-Wide Publications.
On the Australian front, a recent poll by PublishingEdge which surveyed leading B2B publishing businesses revealed that the majority had shed staff, all were down in revenue from advertising sales – some over 50% compared to last year’s forward bookings at the same stage - and “not making money” as stated by most to PublishingEdge.
Another publisher has “shelved” several titles whilst others have reduced frequencies from monthly to bi-monthly, and in some cases to quarterly. With the major revenue stream for most B2B publishers coming from advertising and a limited amount from dwindling subscriptions, due to the controlled circulation nature of this sector. For a majority with limited liquidity it is a matter of survival.
Printers and fulfilment houses contacted by PublishingEdge are also witnessing reduced volumes and a blow-out in payment terms, reinforcing the tough times for this sector.
Source; http://www.mediabiznet.com.au/
The company has been for sale for the past three months prior to voluntary liquidation, but prospective buyers have had difficulty raising funds to purchase 3media’s relatively large portfolio of magazines, newsletters and industry award events, as stated by Gerry Rea, appointed as liquidator by the Bank of New Zealand.
The move to voluntary liquidation meant business as usual for the majority of 3media employees until the sale of the portfolio of business publications had been accomplished, however, on Tuesday, the company moved into receivership and soon after, 13 staff were dismissed. Staff has reportedly halved over the past year.
3media owns 15 monthly B2B magazines and newsletters and promotes and manages major industry events. In March it sold the iconic dairy industry magazine NZ Dairy Exporter to Country-Wide Publications.
On the Australian front, a recent poll by PublishingEdge which surveyed leading B2B publishing businesses revealed that the majority had shed staff, all were down in revenue from advertising sales – some over 50% compared to last year’s forward bookings at the same stage - and “not making money” as stated by most to PublishingEdge.
Another publisher has “shelved” several titles whilst others have reduced frequencies from monthly to bi-monthly, and in some cases to quarterly. With the major revenue stream for most B2B publishers coming from advertising and a limited amount from dwindling subscriptions, due to the controlled circulation nature of this sector. For a majority with limited liquidity it is a matter of survival.
Printers and fulfilment houses contacted by PublishingEdge are also witnessing reduced volumes and a blow-out in payment terms, reinforcing the tough times for this sector.
Source; http://www.mediabiznet.com.au/
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