Rogers Media employee group interested in magazine brands: report

The news comes from an internal memo allegedly obtained by the Globe and Mail

Rogers

According to an internal memo obtained past the World and Mail, a group of Rogers Media employees is reportedly interested in purchasing the company's struggling magazine business.

The Globe reported on December 30th, 2018 that the employee group put forward a program on Nov 22nd, 2018 to buy Maclean's, Today'southward Parent, How-do-you-do! Canada andChatelaine's English language and French editions, as well every bit digital publications Canadian Business organisation and Flare.

Maclean'southward editor-in-primary Alison Uncles and Maclean'south contributor Scott Gilmore are reportedly leading the employee grouping, which is i of two parties interested in acquiring the Rogers Media mag business.

The Globe said that information technology hasn't been able to confirm the other group's identity.

News first broke that Rogers Media was interested in selling its digital and print media assets in Baronial 2018.

At the time, the Globe reported that Rogers wanted to sell all eight of digital and print publications in a unmarried parcel, rather than selling the collection piecemeal.

The news came roughly 2 months subsequently Rogers Media laid off 75 employees who were part of the digital content and publishing squad.

Rogers told MobileSyrup that the layoffs were a outcome of a desire to "reflect the headwinds the industry is facing and make the concern sustainable."

A November 7th, 2018 report revealed that Rogers Media and Roustan Media had been in talks, but that the deal ultimately savage through.

According to the Globe, the combined advertizement acquirement for all of Rogers Media'south print publications totalled $12 one thousand thousand, while impress subscription and newsstand sales amounted to $sixteen.5 million.

Digital subscriptions reportedly totalled $600,000.

MobileSyrup has reached out to Rogers for comment. This story will exist updated with a response.

Source: The Globe and Mail service

Update 31/12/2018 10:09am ET:A Rogers spokesperson toldMobileSyrup via e-mail that the company doesn't annotate on mergers and acquisitions.