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Future plc

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Future plcis a Britishpublishing company.It was started in 1985 byChris Anderson.

Future plc
Company typePublic
Industrymagazine and internet publishing
Founded1985;39 years ago(1985)
FounderChris Anderson
HeadquartersBath, Somerset,England
Key people
RevenueDecrease£788.9 million (2023)[1]
Decrease£174.5 million (2023)[1]
Decrease£113.4 million (2023)[1]
Number of employees
2,920 (2023)[1]
Subsidiaries
Websitefutureplc.comEdit this at Wikidata
Chris Anderson in 2007
Company office inBath

Among its titles areCountry Life,Homes and Gardens,Kiplinger Personal Finance,Decanter,Marie Claire,andThe Week.Zillah Byng-Thornewaschief executive officerfrom 2014 to 2023, when she was replaced byJon Steinberg.

History

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1985–2012

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The company was founded byChris Andersonas Future Publishing inSomerton, Somerset,England, with the sole magazineAmstrad Actionin 1985.[2]An early innovation was the inclusion of free software on magazine covers.[2]It acquired GP Publications and established what would becomeFuture USin 1994.[3]

Anderson sold the company toPearson plcfor £52.7m in 1994, but bought it back in 1998, for £142 million.[2]The company wasfloatedon theLondon Stock Exchangein 1999.[4]Anderson left the company in 2001.[5]

In 2004 the company was accused of corruption when it published positive reviews for the video gameDriver 3in two of its owned magazines,Xbox WorldandPSM2.[6]

2012–2015

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Future published the official magazines for the consoles of all three major games console manufacturers (Microsoft,Nintendo,andSony); howeverPlayStation: The Official Magazineceased publishing in November 2012, andOfficial Nintendo Magazineceased publishing in October 2014.[7][8]

The chief executive and finance director both resigned at short notice after a profit warning in October 2011. It was noted that a re-structuring would be necessary as the company moved to a digital model.[9]

Future announced it would cut 55 jobs from its UK operation as part of a restructuring to adapt "more effectively to the company's rapid transition to a primarily digital business model."[10]The company announced in March 2014 that it would close all of its U.S.-based print publications and shift U.S. print support functions such as consumer marketing, production and editorial leadership for Future's international print brands to the UK.[11]Later in 2014, Future sold its sport and craft titles toImmediate Media,and its auto titles to Kelsey Media.[12]

In April 2014Zillah Byng-Thorne,then finance director, was appointed chief executive, replacing Mark Wood, who had been in the position since 2011.[11]

2016–2021

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In 2018, Future made further major acquisitions. It bought theWhat Hi-Fi?,FourFourTwo,Practical CaravanandPractical Motorhomebrands fromHaymarketand it acquiredNewBay Media,publisher of numerous broadcast, professional video, and systems integration trade titles, as well as several consumer music magazines.[13]This acquisition returned most of the U.S. consumer music magazines to Future, with the exception ofRevolverwhich had been sold to Project Group M LLC in 2017.[14]

It bought thePurch Groupfor $132m by September 2018,[15][16]and in February 2019 bought Mobile Nations including Android Central, iMore, Windows Central and Thrifter for $115 million.[17][18]Future also acquiredProcyclingandCyclingnews.comfromImmediate Media.[19]In July 2019 the company bought SmartBrief, a digital media publisher, for an initial sum of $45 million.[20]

In November 2019 the company boughtBarcroft Studiosfor £23.5 million in a combination of cash and shares.[21]It renamed it Future Studios and announced the launch of "Future Originals", an anthology gaming series, a factual series focusing on the paranormal, and a new true crime show, in partnership withMarie Claire.[22]

In April 2020 it acquiredTI Media,with 41 brands for £140 million,[23]and, in November 2020, it agreed a £594m takeover of GoCo plc, known for itsGocompare.comprice comparison website.[24]In August 2021, it acquired another 12 magazines for £300 million.[25]

2022–present

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The company was criticised in February 2022 for the size of the remuneration package being offered to Zillah Byng-Thorne, the chief executive. It was noted that she could receive £40 million if the company performs well.[26]

Byng-Thorne resigned with effect from 3 April 2023 and was replaced as chief executive byJon Steinberg.[27]

In April 2023, the company sold its shooting magazines includingShooting TimesandSporting Gunto Fieldsports Press.[28]

In August 2024, the company announced that its American trade papersBroadcasting & CableandMultichannel News[29]would be closing after more than 90 years, with the main titleBroadcastinghaving been first published in 1931 and the merged titleMultichannel Newsdating from 1980.[30]In October 2024, the company closed a number of consumer titles in the United Kingdom, includingPlay,All About Space,Total 911and3D World,with the monthly movie magazineTotal Film[31][32]ceasing publication after 27 years.[33]

Organisation

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In addition to media and magazines, the company has two other businesses:

  • Future Studios is its video division, built upon the acquisition of Barcroft Media in 2019.[34]
  • Marketforce is its sales, marketing and distribution company, acquired as part of a 2019 deal with TI Media.[35]

Brands

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Future's portfolio of brands includesTechRadar,PC Gamer,Tom's Guide,Tom's Hardware,Marie Claire,GamesRadar+,How it Works,CinemaBlend,Android Central,IT Pro,BikePerfect,Windows Central,Chatand the websitegoodtoknow.co.uk.[36][37][38]

References

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  1. ^abcd"Annual Report 2023"(PDF).Future plc.Retrieved12 February2024.
  2. ^abcNicholas, Ruth (11 July 1999)."Profile: Chris Anderson: Media with passion".The Independent.London.Archivedfrom the original on 14 January 2013.
  3. ^Cox, Howard; Mowatt, Simon (2014).Revolutions from Grub Street: A History of Magazine Publishing in Britain.Oxford University Press. p. 220.ISBN978-0199601639.Archivedfrom the original on 16 August 2023.Retrieved11 November2020.
  4. ^"Can new Future CEO end 15 years of boom & bust?".Flashes and Flames. 6 April 2014.Archivedfrom the original on 15 March 2023.Retrieved17 June2019.
  5. ^Walters, Helen (18 February 2010)."TED's Not Dead, But It Is Aging: The annual conference tries to reach out to a new generation, awkwardly".Business Week.Archived fromthe originalon 21 February 2010.Retrieved16 March2010.
  6. ^Lui, Spandas (30 March 2010)."A history of gaming's biggest scandals".PC World.Archived fromthe originalon 30 June 2016.Retrieved4 May2023.
  7. ^Santos, Alexis (7 November 2012)."PlayStation: The Official Magazine being shuttered, will say farewell with holiday issue".Engadget(Joystiq).Archivedfrom the original on 22 January 2013.Retrieved6 December2012.
  8. ^Simberg, Nick (28 November 2009)."Another blow to print journalism: Future Publishing profits fall 61%".Gamer Limit. Archived fromthe originalon 5 February 2010.
  9. ^"Future CEO and FD resign, names replacements".Reuters. 27 October 2011.Archivedfrom the original on 23 March 2023.Retrieved23 March2023.
  10. ^Mark Sweney (3 September 2013)."Future Publishing to cut 55 jobs".The Guardian.Archivedfrom the original on 9 December 2018.Retrieved9 December2018.
  11. ^abFuture US streamlined to focus on digitalArchived8 April 2014 at theWayback Machine,RNS Number: 3903D, Future PLC, 28 March 2014
  12. ^Sweney, Mark (21 November 2014)."Future Publishing cuts more than 400 jobs as part of restructure".The Guardian.Archivedfrom the original on 9 December 2018.Retrieved21 December2014.
  13. ^Tom Butts (4 April 2018)."Future Publishing Acquires US Content Business NewBay Media".TV Technology.Archived fromthe originalon 9 December 2018.Retrieved4 April2018.
  14. ^"REVOLVER Magazine Sold To Digital Media Company PROJECT M GROUP; Brand Relaunch Planned For This Fall".Blabbermouth.net.1 May 2017.Archivedfrom the original on 7 March 2024.Retrieved10 September2024.
  15. ^"Purch sells B2C imprints to global specialist media publisher Future in $132m deal".The Drum.Archivedfrom the original on 9 December 2018.Retrieved29 July2018.
  16. ^"Future buys Purch to boost US revenue".Digiday.18 July 2018. Archived fromthe originalon 9 December 2018.Retrieved29 July2018.
  17. ^"Future: Acquisition of Mobile Nations".MarketScreener.1 March 2019.Archivedfrom the original on 8 November 2020.Retrieved10 September2024.
  18. ^"Accelerates Mobile Nations earnout payment".otp.investis.com.Archivedfrom the original on 11 July 2023.Retrieved20 October2019.
  19. ^"Back to Future: Immediate sells CyclingNews and Procycling to Future plc, their previous owner".Bicycle Retailer and Industry News.Archivedfrom the original on 21 March 2023.Retrieved16 November2019.
  20. ^"Acquisition of SmartBrief".otp.investis.com.Archivedfrom the original on 11 July 2023.Retrieved20 October2019.
  21. ^"Barcroft Studios bought by Future plc for £23.5m".Televisual.15 November 2019.Archivedfrom the original on 29 June 2022.Retrieved10 September2024.
  22. ^"True Crime Series 'On the Record with Marie Claire' at Future Studios".Variety.Archivedfrom the original on 26 June 2023.Retrieved22 March2023.
  23. ^"Proposed Acquisition of TI Media for £140 million".otp.investis.com.30 October 2019.Archivedfrom the original on 11 July 2023.Retrieved31 October2019.
  24. ^Sweney, Mark (25 November 2020)."Country Life publisher Future to buy GoCompare for £594m".The Guardian.ISSN0261-3077.Archivedfrom the original on 3 June 2023.Retrieved9 January2021.
  25. ^"Country Life owner buys Dennis Publishing in £300m deal".The Guardian.16 August 2021.Archivedfrom the original on 16 September 2021.Retrieved16 September2021.
  26. ^"Country Life publisher reeling after shareholder revolt over executive pay".The Guardian.3 February 2022.Archivedfrom the original on 3 June 2023.Retrieved23 March2023.
  27. ^Spangler, Todd (22 February 2023)."Jon Steinberg, Former BuzzFeed and Cheddar Exec, Tapped as CEO of U.K. Publisher Future".Variety.Archivedfrom the original on 21 March 2023.Retrieved12 March2023.
  28. ^Tobitt, Charlotte (13 April 2023)."Fieldsports Press acquires Future's shooting brands".Press Gazette.Retrieved8 November2024.
  29. ^"A Wave of Trade Magazine Closures".VideoAge International.Retrieved14 October2024.
  30. ^Tobitt, Charlotte (7 August 2024)."Future closes two US TV trade publications".Press Gazette.
  31. ^Maytum, Matt (22 May 2023)."Enter the arena with the Gladiator II issue of Total Film – on sale now!".gamesradar.
  32. ^"Future closes titles and events deemed 'low to no growth assets'".Press Gazette.3 October 2024.Retrieved14 October2024.
  33. ^Brew, Simon (4 October 2024)."Total Film and more | Future Publishing statement on closing magazines".Film Stories.
  34. ^"Barcroft Studios bought by Future plc for £23.5m".Televisual.15 November 2019.Archivedfrom the original on 22 March 2023.Retrieved10 September2024.
  35. ^"Why Future is buying TI Media".Flashes & Flames.1 November 2019.Archivedfrom the original on 22 March 2023.Retrieved22 March2023.
  36. ^"Future Celebrates Market Leading Position As Largest Tech News Publisher".GlobeNewswire(Press release). 23 September 2022.Archivedfrom the original on 12 November 2022.Retrieved5 December2022.
  37. ^Partis, Danielle (15 September 2022)."Future makes editorial layoffs despite 'high' revenue projections".GamesIndustry.Archivedfrom the original on 15 September 2022.Retrieved5 December2022.
  38. ^"UK's Future Plc to buy 'The Week' publisher for $415 mln".Reuters.16 August 2021.Archivedfrom the original on 10 February 2023.Retrieved10 September2024.
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