VNU Announces Layoff Plan, Sells European Trade Mags
December 18, 2006 at 8:22 AM (PT)
VNU GROUP, owner of BILLBOARD, RADIO AND RECORDS, NIELSEN, ADWEEK-MEDIAWEEK-BRANDWEEK, and the HOLLYWOOD REPORTER, among other companies, announced MONDAY that it plans to cut 4,000 jobs from its payroll, about a 10% reduction, and is selling its European trade magazine division BUSINESS MEDIA EUROPE to UK venture capital company 3i GROUP for about 320 million euros. The announcement gave no specifics as to which divisions would be affected by the layoffs, although 10 staffers at the HOLLYWOOD REPORTER were let go on DECEMBER 8 and the company did say that it will combine its R&D, marketing, and product innovation departments into one unit based in HAARLEM, THE NETHERLANDS, headed by EVP SUSAN WHITING.
The parent company was purchased by a consortium, VALCON ACQUISITION, including the BLACKSTONE GROUP, THOMAS H. LEE PARTNERS, KOHLBERG KRAVIS ROBERTS, HELLMAN AND FRIEDMAN, THE CARLYLE GROUP, and ALPINVEST PARTNERS for $9.7 billion in MAY.