Future plc
British publishing company From Wikipedia, the free encyclopedia
Future plc is a British publishing company. It was started in 1985 by Chris Anderson. Zillah Byng-Thorne was chief executive officer from 2014 to 2023, when she was replaced by Jon Steinberg. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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| Company type | Public |
|---|---|
| Industry | magazine and internet publishing |
| Founded | 1985 |
| Founder | Chris Anderson |
| Headquarters | Bath, Somerset, England |
Key people |
|
| Revenue | £788.2 million (2024)[1] |
| £133.7 million (2024)[1] | |
| £76.8 million (2024)[1] | |
Number of employees | 2,972 (2024)[1] |
| Subsidiaries | |
| Website | futureplc |
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History
Summarize
Perspective
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 and established what would become 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 PlayStation: The Official Magazine 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 to replace Mark Wood, who had been in the position since 2011.[11]
2016–2021
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 M Group in 2017.[14]
It bought the Purch Group for $132m by September 2018,[15][16] and in February 2019 bought Mobile Nations including the titles 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] In November, it agreed to a £594m takeover of GoCo plc, known for its Gocompare.com price-comparison website.[24] In August 2021, it acquired Dennis Publishing and its 12 magazines, for £300 million.[25]
2022–present
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 performed well.[26]
Byng-Thorne resigned with effect from 3 April 2023 and was replaced as chief executive by Jon Steinberg.[27]
In April 2023, the company sold its shooting magazines including Shooting Times and Sporting Gun to Fieldsports Press.[28]
In August 2024, the company announced that its American trade papers Broadcasting & Cable and Multichannel News[29] would be closing after more than 90 years, with the main title Broadcasting having been first published in 1931 and the merged title Multichannel News dating from 1980.[30] In October 2024, the company closed a number of consumer titles in the United Kingdom, including Play, All About Space, Total 911, and 3D World, with the monthly movie magazine Total Film[31][32] ceasing publication after 27 years.[33]
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+, How it Works, Creative Bloq, CinemaBlend, Android Central, IT Pro, BikePerfect, Truly, Windows Central, Chat, and the website GoodToKnow.co.uk.[36][37][38]
References
External links
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