By Colin Crummy
CMPi has reversed its decision to sell Music Week, just weeks after putting it up for sale with nine other titles.
In a memo to staff leaked to Press Gazette, company CEO Gary Hughes said the decision to keep the music industry’s bible was because it had "not realised its full potential".
He said: "It is a market leader, a strong brand and it generates good subscription revenues — it’s the kind of market and magazine that should be at the core of CMPi’s strategy, and is worth more to us in this respect than any potential acquirer."
The other nine titles that remain up for sale are Printing World, Packaging Magazine, Industrial Equipment Market, Glass Age, Benn’s Media, The Knowledge, Trade-it, Trader and Private Villas.
In the memo, Hughes added: "The other titles will remain on sale because either their business model does not fit in with CMPi or they would be better served by publishing companies whose markets or operations are more closely matched to them."
Hughes said he reached the decision after consultation with David Levin, chief executive of United Business Media, of which CMPi is the UK media division.
He said Music Week staff had been informed of the decision and added: "Our challenge now is to look at every area of Music Week to transform the title and generate quality growth.
"The music market is going through fundamental change, which creates fantastic opportunities if we can get our product right. My commitment to the Music Week team is to give them the chance to fulfil this business’s potential."
A spokesman for CMPi refused to comment on either the sale or the decision to retain Music Week.