From: Eric Zinczenko
Date: Mon, Mar 6, 2017 at 2:25 PM
Subject: [notifycorporate] Popular Photography and American Photo
To: Notify Corporate
Dear colleagues,
This afternoon, Gregory Gatto, VP, Publishing Director of the Lifestyle Group, and Anthony Licata, Editorial Director of the Lifestyle Group, made the difficult announcement to our employees in New York that we have decided to cease all media operations for Popular Photography and American Photo, effective today.
I want to take this opportunity to share this news with the entire company and the reasons behind our decision. In our most recent Town Hall, I spoke of how the pace of disruption through digital and technological advancements is unprecedented. Unfortunately, the photo industry is an example of where this disruption has forever altered the market. The rise of smartphone-camera technology and its increasing ability to capture quality photos and video and instantly share them socially has dealt the photo industry formidable challenges. For our brands, these industry challenges have left us with insurmountable losses in advertising and audience support. Despite the extraordinary efforts of our committed colleagues at Popular Photography and American Photo, as well as our best attempts corporately to find a sustainable path forward, we are simply unable to overcome these market forces.
We would like to thank Miriam Leuchter and her team for their commitment not only to their industry, but to Bonnier as well. Since 2009, Miriam and team have consistently produced best-in-class content, giving their audience of photo enthusiasts industry-leading product reviews, smart service journalism and, of course, terrific photography. They have done everything possible to make these brands thrive; unfortunately, the challenges in the photography industry are just too great.
I also mentioned last time we were together that our executive group will never waiver in making the difficult decisions that protect our company and our greater group here, and keep us on our path to long-term sustainability. While this decision is far from pleasant, it reinforces our commitment to channel Bonnier Corp.’s precious resources to healthy industry verticals and our category-leading brands to drive asset value of Bonnier’s U.S. portfolio.
We have a fiduciary responsibility to constantly evaluate our portfolio of brands as part of our ongoing transformation, but I want everyone to know there are no plans on the horizon to cease operations of other brands; if there were, we would have announced those today as well.
Please join me in thanking our colleagues at Popular Photography and American Photo for their contributions and to wish them the very best. We are also grateful to all of you for your continued resilience, dedication and endurance as we continue on our strategic path forward.
Best,
EZ
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