FT Creative Business media section goes monthly
LONDON – The Financial Times is cutting back its weekly media supplement Creative Business and turning it into a monthly.
The 16-page supplement has struggled to bring in a significant amount of advertising and is to be downgraded to a monthly section with content from the weekly being moved inside the paper to appear on the features pages.
There will be no job losses as a result of the move, although last month the FT raised the prospect of editorial cuts as it started to consult journalists about the possibility of early retirement or voluntary redundancy.
It is expected that Creative Business editor, Carlos Grande, will be moved elsewhere in the paper. Most of the writing was done by freelance journalists or by other FT staff.
The downgrading of FT Creative Business follows moves by other national newspapers to downgrade their own media coverage.
The Daily Telegraph dropped its media section and The Times also cut back following the departure of long-time media editor Ray Snoddy.
In the face of these cutbacks, the resurgent Independent relaunched its media section in an attempt to challenge Media Guardian.
The changes to the FT media section comes ahead of expected losses this year of around £12m, following its £32m loss for 2003. In 2001, the FT made 20 editorial staff redundant as part of its voluntary scheme.
The downturn in financial markets since 2000 has already led the newspaper to implement cost-cutting measures such as a two-year hiring freeze and redundancy last year for around 15% of its 600 commercial staff.
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