Future plc explained

Future plc
Industry:magazine and internet publishing
Revenue: £788.9 million (2023)[1]
Operating Income: £174.5 million (2023)
Net Income: £113.4 million (2023)
Num Employees:2,920 (2023)

Future plc is a British publishing company. It was started in 1985 by Chris Anderson. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Among its many titles are Country Life, Homes and Gardens, Decanter, Marie Claire, and The Week. Zillah Byng-Thorne was chief executive officer from 2014 to 2023, when she was replaced by Jon Steinberg.

History

1985–2012

The company was founded by Chris Anderson as Future Publishing in Somerton, Somerset, England, with the sole magazine Amstrad Action in 1985.[2] An early innovation was the inclusion of free software on magazine covers.[2] It acquired GP Publications so establishing Future US in 1994.[3]

Anderson sold the company to Pearson plc for £52.7m in 1994, but bought it back in 1998, for £142 million.[2] The company was floated on the London Stock Exchange in 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 game Driver 3 in two of its owned magazines, Xbox World and PSM2.[6]

2012–2015

Future published the official magazines for the consoles of all three major games console manufacturers (Microsoft, Nintendo, and Sony); however ceased publishing in November 2012, and Official Nintendo Magazine ceased 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 to Immediate Media, and its auto titles to Kelsey Media.[12]

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

2016–present

In 2018, Future made further major acquisitions. It bought the What Hi-Fi?, FourFourTwo, Practical Caravan and Practical Motorhome brands from Haymarket and it acquired NewBay 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 of Revolver which had been sold to Project Group M LLC in 2017.[14]

It bought the Purch Group for $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 acquired Procycling and Cyclingnews.com from Immediate 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 bought Barcroft Studios for £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 with Marie Claire.[22]

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

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 by Jon Steinberg.[27]

Organisation

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

Brands

Future's portfolio of brands includes TechRadar, PC Gamer, Tom's Guide, Tom's Hardware, Marie Claire, GamesRadar+, All About Space, How it Works, CinemaBlend, Android Central, IT Pro, iMore, BikePerfect, and Windows Central.[30] [31] [32]

Notes and References

  1. Web site: Annual Report 2023. Future plc. 12 February 2024.
  2. News: Profile: Chris Anderson: Media with passion. Nicholas. Ruth. 11 July 1999. The Independent. https://archive.today/20130114033426/http://www.independent.co.uk/news/business/profile-chris-anderson-media-with-passion-1105628.html. 14 January 2013. London. live.
  3. Book: Revolutions from Grub Street: A History of Magazine Publishing in Britain. Howard. Cox. Simon. Mowatt. Oxford University Press. 2014. 978-0199601639. 220. 11 November 2020. 16 August 2023. https://web.archive.org/web/20230816114504/https://books.google.com/books?id=fKzSAgAAQBAJ&q=GP+Publications+1993+future+plc&pg=PA220. live.
  4. Web site: Can new Future CEO end 15 years of boom & bust?. 6 April 2014. Flashes and Flames. 17 June 2019. 15 March 2023. https://web.archive.org/web/20230315104431/https://flashesandflames.com/2014/04/06/can-new-future-ceo-save-magazine-group/. live.
  5. News: TED's Not Dead, But It Is Aging: The annual conference tries to reach out to a new generation, awkwardly. Walters. Helen. 18 February 2010. Business Week. 16 March 2010. https://web.archive.org/web/20100221081506/http://www.businessweek.com/magazine/content/10_09/b4168068827012.htm. 21 February 2010.
  6. Web site: Lui. Spandas. A history of gaming's biggest scandals. PC World. 30 March 2010. https://web.archive.org/web/20160630205613/http://www.pcworld.idg.com.au/article/341103/history_gaming_biggest_scandals/?pp=2. 4 May 2023. 30 June 2016.
  7. Web site: PlayStation: The Official Magazine being shuttered, will say farewell with holiday issue. Santos. Alexis. 7 November 2012. Engadget (Joystiq). https://archive.today/20130122051959/http://www.engadget.com/2012/11/07/playstation-the-official-magazine-closes/. 22 January 2013. live. 6 December 2012.
  8. Web site: Another blow to print journalism: Future Publishing profits fall 61% . Gamer Limit . 28 November 2009 . 17 October 2010 . dead . https://web.archive.org/web/20100205145953/http://gamerlimit.com/2009/11/another-blow-to-print-journalism-future-publishing-profits-fall-61/ . 5 February 2010 .
  9. News: Future CEO and FD resign, names replacements. 27 October 2011. Reuters. 23 March 2023. 23 March 2023. https://web.archive.org/web/20230323005553/https://www.reuters.com/article/oukin-uk-future-idUKTRE79Q1BV20111027. live.
  10. Web site: Future Publishing to cut 55 jobs. Mark Sweney. The Guardian. 3 September 2013. https://archive.today/20181209075717/https://www.theguardian.com/media/2013/sep/03/future-publishing-cut-55-jobs. 9 December 2018. live. 9 December 2018.
  11. http://hsprod.investis.com/ir/futr/ir.jsp?page=news-item&item=1725689942245376 Future US streamlined to focus on digital
  12. Web site: Future Publishing cuts more than 400 jobs as part of restructure. Sweney. Mark. 21 November 2014. The Guardian. https://archive.today/20181209075507/https://www.theguardian.com/media/2014/nov/21/future-publishing-cuts-400-jobs. 9 December 2018. live. 21 December 2014.
  13. Web site: Future Publishing Acquires US Content Business NewBay Media. Tom Butts. 4 April 2018. TV Technology. https://web.archive.org/web/20181209081250/https://www.tvtechnology.com/news/future-publishing-acquires-tv-technology-parent-newbay-media. 9 December 2018. 4 April 2018.
  14. Web site: REVOLVER Magazine Sold To Digital Media Company PROJECT M GROUP; Brand Relaunch Planned For This Fall. Blabbermouth. 1 May 2017. BLABBERMOUTH.NET. en-US. 23 December 2018. 1 November 2018. https://web.archive.org/web/20181101183032/http://www.blabbermouth.net/news/revolver-magazine-sold-to-digital-media-company-project-m-group-brand-relaunch-planned-for-this-fall/. live.
  15. News: Purch sells B2C imprints to global specialist media publisher Future in $132m deal. The Drum. 29 July 2018. https://archive.today/20181209073247/https://www.thedrum.com/news/2018/07/18/purch-sells-b2c-imprints-global-specialist-media-publisher-future-132m-deal. 9 December 2018. en. live.
  16. News: Future buys Purch to boost US revenue. 18 July 2018. Digiday. 29 July 2018. https://web.archive.org/web/20181209080736/https://digiday.com/media/future-buys-purch-boost-us-revenue/. 9 December 2018. en-US.
  17. Web site: Future : Acquisition of Mobile Nations | MarketScreener. m.marketscreener.com. March 2019 . 3 November 2020. 15 March 2023. https://web.archive.org/web/20230315104431/https://m.marketscreener.com/quote/stock/FUTURE-PLC-33684370/news/Future-Acquisition-of-Mobile-Nations-28091511/. live.
  18. Web site: Accelerates Mobile Nations earnout payment. otp.investis.com. 20 October 2019. 11 July 2023. https://web.archive.org/web/20230711103834/http://otp.investis.com/clients/uk/future_plc/rns/regulatory-story.aspx?cid=967&newsid=1335959. live.
  19. Web site: Back to Future: Immediate sells CyclingNews and Procycling to Future plc, their previous owner. Bicycle Retailer and Industry News. 16 November 2019. 21 March 2023. https://web.archive.org/web/20230321210746/https://www.bicycleretailer.com/international/2019/02/14/back-future-immediate-media-sells-cyclingnews-and-procycling-back-future. live.
  20. Web site: Acquisition of SmartBrief. otp.investis.com. 20 October 2019. 11 July 2023. https://web.archive.org/web/20230711103933/http://otp.investis.com/clients/uk/future_plc/rns/regulatory-story.aspx?cid=967&newsid=1317394. live.
  21. Web site: televisual.com . Televisual Business Magazine For The Broadcast & Production Community . 22 March 2023 . Televisual . 22 March 2023 . https://web.archive.org/web/20230322174957/https://www.televisual.com/ . live .
  22. News: True Crime Series 'On the Record with Marie Claire' at Future Studios. Variety. 22 March 2023. 26 June 2023. https://web.archive.org/web/20230626023549/https://variety.com/2022/digital/global/fmarie-claire-future-studios-true-crime-series-1235208393/. live.
  23. Web site: Proposed Acquisition of TI Media for £140 million. 30 October 2019. otp.investis.com. 31 October 2019. 11 July 2023. https://web.archive.org/web/20230711103951/http://otp.investis.com/clients/uk/future_plc/rns/regulatory-story.aspx?cid=967&newsid=1341444. live.
  24. News: Sweney. Mark. 25 November 2020. Country Life publisher Future to buy GoCompare for £594m. en-GB. The Guardian. 9 January 2021. 0261-3077. 3 June 2023. https://web.archive.org/web/20230603102745/https://www.theguardian.com/business/2020/nov/25/country-life-publisher-future-to-buy-gocompare-for-594m. live.
  25. Web site: Country Life owner buys Dennis Publishing in £300m deal. 16 August 2021. The Guardian. 16 September 2021. 16 September 2021. https://web.archive.org/web/20210916004017/https://www.theguardian.com/media/2021/aug/16/country-life-owner-buys-dennis-publishing-in-300m-deal. live.
  26. News: Country Life publisher reeling after shareholder revolt over executive pay. The Guardian. 3 February 2022. 23 March 2023. 3 June 2023. https://web.archive.org/web/20230603102729/https://www.theguardian.com/business/2022/feb/03/country-life-publisher-future-shareholder-revolt-executive-pay-investors-shares. live.
  27. News: Spangler . Todd . 22 February 2023 . Jon Steinberg, Former BuzzFeed and Cheddar Exec, Tapped as CEO of U.K. Publisher Future . . 12 March 2023 . 21 March 2023 . https://web.archive.org/web/20230321204546/https://variety.com/2023/digital/news/jon-steinberg-ceo-future-plc-1235531789/ . live .
  28. Web site: televisual.com . Reporter . Staff . 15 November 2019 . Barcroft Studios bought by Future plc for £23.5m . 22 March 2023 . Televisual . 22 March 2023 . https://web.archive.org/web/20230322202135/https://www.televisual.com/news/barcroft-studios-bought-by-future-plc-for-23-5m_nid-8340/ . live .
  29. Web site: 1 November 2019 . Why Future is buying TI Media . 22 March 2023 . Flashes & Flames . en-GB . 22 March 2023 . https://web.archive.org/web/20230322202138/https://flashesandflames.com/2019/11/01/why-future-is-buying-ti-media/ . live .
  30. 23 September 2022 . Future Celebrates Market Leading Position As Largest Tech News Publisher . live . https://web.archive.org/web/20221112003551/https://www.globenewswire.com/en/news-release/2022/09/23/2521870/0/en/Future-Celebrates-Market-Leading-Position-As-Largest-Tech-News-Publisher.html . 12 November 2022 . 5 December 2022 . GlobeNewswire.
  31. Web site: Partis . Danielle . 15 September 2022 . Future makes editorial layoffs despite 'high' revenue projections . live . https://web.archive.org/web/20220915101954/https://www.gamesindustry.biz/future-makes-editorial-layoffs-despite-high-revenue-projections . 15 September 2022 . 5 December 2022 . GamesIndustry.
  32. News: Staff . 16 August 2021 . UK's Future Plc to buy 'The Week' publisher for $415 mln . en . Reuters . 10 February 2023 . 10 February 2023 . https://web.archive.org/web/20230210211033/https://www.reuters.com/business/media-telecom/uks-future-plc-buy-the-week-publisher-415-mln-2021-08-16/ . live .

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