In a move to streamline its existing portfolio, Cirrus Media has announced it will be selling off a handful of its publications. Pursuing a leaner publishing strategy, the company will be handing all but its health and wealth titles to Prime Creative Media.
More specifically, Cirrus will be saying goodbye to all industrial, mining, manufacturing and agricultural assets, as well as associated events. It is the finalisation of a strategy first formed two years ago by consultants who believed it would be more profitable to focus on health and wealth offerings, as well as events. Moving forward, Cirrus Media will remain in ownership of the sole titles Australian Doctor, Medical Observer and Money Management.
As of December 1, Cirrus will no longer have ownership over industry mastheads, events and web assets, as well as industry directories of sold titles. All existing employees will be transferred, with Prime Creative Media MD John Murphy commenting: “We are taking on all 18 staff that are directly working on these products along with all their entitlements. There are no layoffs or redundancies to speak of in this acquisition that I am aware of. All the staff are excited by the fact that a publisher is acquiring this part of the business.”
Prime Creative Media chief operating officer Brad Buchanan says of the sale: “Cirrus Media has developed unique capabilities in the delivery of content marketing and lead generation in the B2B publishing sector. We will certainly benefit from this highly-developed skill set and the expertise that has been developed within its talented workforce. We have the highest admiration for the team at Cirrus and we now look forward to integrating them into our organisation.”
