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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Reach plc    TNI   GB0009039941

REACH PLC

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Reach : UK music magazine Q to close after 34 years, hurt by coronavirus pandemic

07/20/2020 | 04:39pm EST

British music magazine Q is folding after 34 years in business as the coronavirus epidemic accelerated a downturn in the media sector, forcing the publication to cease operations.

The monthly magazine's editor, Ted Kessler, announced its closure in a tweet on Monday, saying that the coronavirus pandemic hurt the magazine's business.

Q was the latest outlet in the media and publishing industry to be hit by the pandemic. British newspaper publisher Reach Plc and broadcaster BBC recently announced a series of job cuts.

"I must apologise profusely for my failure to keep Q afloat," Kessler said in an editor's letter for the final issue. "We've been a lean operation for all of my tenure, employing a variety of ways to help keep our head above water in an extremely challenging print market. Covid-19 wiped all that out."

The final issue will be published on July 28.

Germany-based Bauer Media Group, which is the parent company for Q, listed the music magazine for sale in May following a sharp decline in sales and advertising revenue during the pandemic.

Bauer Media said Modern Classics would also cease to operate as the company was unable to find new buyers for the two publications.

Founded in 1986 by music journalists Mark Ellen and David Hepworth, Q gained popularity with its long-form pieces on the British rock and alternative scenes.

English Indie band The Vaccines and musician Tim Burgess joined the chorus of the magazine's music-loving readers on social media expressing disappointment about its closure.

The upcoming final issue, titled "Adventures with legends 1986 to 2020," compiles some of the magazine's best interviews, including with David Bowie, Joni Mitchell and Prince.

(Reporting by Aakriti Bhalla in Bengaluru; Editing by Peter Cooney)


© Reuters 2020
Stocks mentioned in the article
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CHORUS LIMITED 0.74% 8.14 End-of-day quote.2.91%
REACH PLC -4.23% 190.2 Delayed Quote.33.01%
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Financials
Sales 2020 597 M 811 M 811 M
Net income 2020 74,2 M 101 M 101 M
Net cash 2020 42,1 M 57,2 M 57,2 M
P/E ratio 2020 8,16x
Yield 2020 2,47%
Capitalization 589 M 801 M 801 M
EV / Sales 2020 0,92x
EV / Sales 2021 0,93x
Nbr of Employees 4 573
Free-Float 87,6%
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Mean consensus HOLD
Number of Analysts 6
Average target price 239,25 GBX
Last Close Price 191,00 GBX
Spread / Highest target 84,3%
Spread / Average Target 25,3%
Spread / Lowest Target -5,76%
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Managers and Directors
NameTitle
Jim Mullen Chief Executive Officer & Director
Nicholas Edward Tucker Prettejohn Chairman
Simon Jeremy Ian Fuller Chief Financial Officer & Director
Helen C. Stevenson Senior Independent Non-Executive Director
David Thomas Kelly Independent Non-Executive Director
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