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Business News/ Industry / Media/  ‘TimeOut’ shuts all three print editions due to recurring losses
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‘TimeOut’ shuts all three print editions due to recurring losses

The magazine, which had print editions in Mumbai, Delhi and Bangalore, will go digital in October

The final print edition of TimeOut, which marks its 10th anniversary in the country, will hit the stands on 15 September.Premium
The final print edition of TimeOut, which marks its 10th anniversary in the country, will hit the stands on 15 September.

Mumbai: Entertainment and lifestyle magazine TimeOut, run by Time Out Group Ltd, has decided to shut its print editions in India because of recurring losses.

The fortnightly magazine, which is published by Essar Group company Paprika Media Pvt. Ltd in India, said it would go digital starting October. The magazine had three print editions including Mumbai, Delhi and Bangalore.

Paprika Media was founded in 2004 by Smiti Kanodia, scion of the Ruia family, to bring Time Out, the London-based arts, culture and entertainment guide, to India.

“This transformation signifies an effort by the company to adapt to rapid changes in the way information is being consumed in India," Rajnish Rawat, chief operating officer of Paprika Media, said in an emailed reply.

Rawat did not respond to a question on financial losses made by the magazine.

“It has become increasingly apparent that our readers rely on mobile devices and personal computers to access the city-specific content that TimeOut produces," he said. “We’re merely keeping updated with customer behaviour and consumption patterns."

The final print edition of the magazine, which marks its 10th anniversary in the country, will hit the stands on 15 September, Rawat said.

In the emailed statement, Rawat said Paprika Media is also expanding its events and alliances business, and towards this, the company is restructuring its organization to realign with the altered business needs without disclosing details.

“From the moment of its birth, TimeOut has been the definitive guide to life in Mumbai, Delhi and Bangalore," Kanodia was cited as saying in the statement. “And the transition to digital from print mirrors the way our readers engage with the city in which they live."

Meanwhile, a majority of TimeOut employees were asked to leave as a part of shutting down the editions.

Rawat confirmed that the development, saying “the company is in the process of right-sizing the organization as it has plans to focus on other areas of businesses, including event management".

He did not disclose details of retrenchment.

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Published: 04 Aug 2014, 06:47 PM IST
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