TAIPEI (Taiwan News) – Following in the footsteps of For Him Magazine (FHM) Taiwan edition (FHM男人幫), two sport magazines published by Rich Horizon International Touch Media Corporation (宬世環宇) will close next month, Central News Agency (CAN) reported on Monday (June 17).
Company president Wang Bo-xin (王伯鑫) said during a press conference on Monday the two magazines, Hoop Taiwan (美國職籃) and MLB Magazine (美國職棒), will publish their final issues in June. He attributed the closure of the two magazines to the decline of print media readership and a decrease in advertising revenues.
This made the costs of publication and circulation of the two magazines prohibitive. Wang said income from the two magazines was NT$18.7 million (about US$565,000) in 2018, which accounted for 12.34 percent of the company’s total revenues.
He said the company lost NT$47.13 million last year due to the decline of print media readership, and lack of new products, adding that the re-investment company was unable to make a profit either.
Wang added the company will lay off 28 workers from its 32-member staff. He also estimated the company will spend about NT$3.2 million on layoffs, adding the company will act according to the Labor Standards Act.