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Business News Media
IPC owner loses 32 million in a quarter
By CMU Editorial | Published on Thursday 30 April 2009
The publishing division of US media giant Time Warner which, among many other things, owns UK-based NME, Uncut, Loaded, Nuts publishers IPC Media, has reported $32 million operating loss for the first quarter of 2009. $18 million is accounted for by bad debts from a magazine wholesaler, but the rest was caused by a 23% slump in revenues, with advertising, subscription and even online revenues all down. Ain’t it great to work in the media at the moment?
