ITP cuts magazines and jobs

Gulf-based publisher ITP announced on Wednesday that it is laying off some 60 people and closing nine magazines this week.

The company continues to publish over 75 consumer and business magazines and web sites in the Middle East and India, including Arabianbusiness.com .

ITP issued a statement saying that it "deeply regrets the necessity of this move, which reflects the realities of the Middle East market in the current global climate."

"The company is refining its operations to ensure that it continues to meet market needs and provide value to the organisations and people it serves and remains committed to providing media that lead the way," it added.

The magazines that have been closed are: Retail News Middle East, Meeting Industry Middle East, Commercial Outdoor Design, Security Fire and Safety, Air Cargo Middle East, Developer Middle East, Viva Girl, Arabian Property and Kohl.

ITP said that these titles contributed less than 5 percent of group revenues in 2008.

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