RBI Maintains 2012 Online Target, Plans More Cuts
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Variety and New Scientist B2B publisher Reed Business Information needs “additional cost-cutting fast” and “some things must be done differently or not at all”, according to an internal memo from RBI CEO Keith Jones reported by Dow Jones.
SEE ALSO: RBI Selling Travel Publishing Group To Hire Car Co. Founder
Dow Jones: “It also said it wants to raise the sale of online publications at RBI to more than 50 percent of its total revenue in the next three years.” But this isn’t new…
Parent Reed Elsevier (NYSE: RUK) declared the target in its 2008 earnings in February (see our report), when it said RBI’s online revenue grew 12 percent in 2008 to account for a third of its earnings. Online information income already comprises over half of RBI UK revenues (and of Reed Elsevier’s overall sales) but only 30 percent of RBI-US sales.
Dow Jones (NYSE: NWS) quotes RBI’s new memo is quoted as saying the “rollout of online media will mainly focus on paid services”, but 2010 will be “as difficult as 2009.” Reed in February said it wanted to “accelerate plans to migrate from print to online”.
Reed Elsevier failed to sell RBI during the opening days of the credit crunch, so made some job losses, off-loaded its travel portfolio and is stripping down Variety publisher RBI US.
Posted In: Companies, Reed Elsevier
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