Standard Media International is closing the United Kingdom edition of its Industry Standard magazine in light of the deteriorating advertising market, according to a person familiar with the situation.
Employees were notified about the shuttering Tuesday.
Standard Media, along with other publishers of magazines dedicated to writing about the New Economy, have struggled to adjust to the dramatic falloff in advertising from dot-com companies. In the U.S., Standard Media has already been through two rounds of layoffs and last year scuttled a spinoff after just a few issues.
Standard Media has been in discussions with several potential partners in London to either buy or invest in the U.K. magazine. Those talks are continuing. However, after this week’s issue, the U.S. edition will be distributed in the U.K. The change allows Standard Media to focus its attentions on the U.S. market, this person said.
The U.K. edition of the magazine, which has a circulation of 30,000, was published by Standard Media Europe, a wholly owned subsidiary of Standard Media, which is in turn majority-owned by International Data Group, Boston.
Copyright (c) 2001 Dow Jones & Company, Inc.
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