Crain's closes FinancialWeek.com, two Europe print publications
TALKING BIZ NEWS EXCLUSIVE
The following message from Keith Crain, chairman of Crain Communications, was sent to staff members at Crain’s publications:
“Today, we had to take the difficult step to close Business Insurance Europe in London and Automotive News Europe in Munich.Â Â We willÂ continue to serve EuropeanÂ readers throughÂ news, special issues, events and digital coverage from their parent publications:Â Business Insurance and Automotive News. The U.S.-based titles will now become even stronger global brands.
“In addition, the Web site financialweek.com will be suspended.Â Â The print publication Financial Week closed in December and we tried to make a go of an online-only news operation this quarter.Â Â Â Unfortunately,Â advertising is just not there in thisÂ vertical marketÂ to make it viable so we areÂ shutting the New York-based Web site.
“These threeÂ titles, and RCR Wireless News which weÂ closed earlier this week, Â were staffed with smart, hardworkingÂ people.Â Â It saddens us that the economic collapse has dried upÂ business for theseÂ titles and forced these actions.Â Â During times like these, we truly appreciate your continued efforts.”
The print version of Financial Week had closed at the beginning of the year.