Magazine publisher IPC has introduced autonomous boards for its five publishing divisions in preparation for flotation within the next two to three years.
The five divisions have also become limited companies and two division names have been changed; the Women’s Weeklies Group is renamed IPC Connect and the TV Weeklies Group becomes IPC tx. The three other publishing division names remain virtually the same: IPC SouthBank Publishing Company, IPC Country & Leisure Media and IPC Music & Sport.
The change in status to limited companies has been implemented to create greater transparency and financial accountability, according to IPC.
Two new sales departments have also been launched. IPC Solutions will focus on developing individual proposals for advertisers across the entire IPC portfolio. The other new division, IPC Central Sales, has been set up to service 11 key clients which currently advertise across the portfolio, and to bring in new heavyweight advertisers.
Chief executive Mike Matthew dismisses suggestions that the new structure could be a precursor to a sale of parts of the company. He says: “We have no intention of selling. That is absolutely not the case.”
IPC’s new company boards will be headed by existing managing directors. Editorial staff will also sit on the boards to ensure increased editorial involvement.
This new approach follows the radical restructure of the organisation announced in early January. The company axed ten per cent of its workforce in an effort to create 6m in annual cost savings.