Rogers Communications Inc. is seeking a buyer for a package of eight of its digital and print magazine assets, including Maclean’s, Canadian Business, MoneySense, Today’s Parent, Hello! Canada, Flare and Chatelaine’s French and English editions − as well as its custom-content group according to a story in the Globe and Mail.
The company is looking for a comprehensive deal, including all of the publishing assets on offer, rather than selling them individually.
The Canadian Imperial Bank of Commerce has been retained to manage the sale.
The magazine sale process comes after Rogers Media laid off 75 full-time employees in June, reducing the size of its digital content and publishing staff by a third. Rogers said at the time that the cost-cutting was designed to keep its publishing business “sustainable.” If a sale were to occur, Rogers would still be in the digital publishing business, largely with websites and apps related to its broadcast businesses, such as CityNews and Sportsnet. Rogers faces challenges seen across the industry, as growth in digital advertising has not been sufficient to make up for steep declines in print revenues.
According to information Rogers provided to potential buyers, the magazines had $12-million in print advertising revenue last year, and $9.5-million in digital ad sales; print circulation accounted for $16.5-million in revenue while digital circulation was roughly $600,000.
Labels: Rogers Communications Inc., transactions