The former David Koch-associated listed media company Palamedia continues its downsizing ahead of what looks like delisting and privatisation. The word in the Palamedia bunker is that major shareholder John McNiven has accepted a senior role overseas with a company he was involved with previously (Merrill Lynch) and is trying to simplify the listed company.

John has been trying to offload all of the non-profitable parts of the business, including the magazine My Business and associated publications, to reduce stock and then privatise the company. For the last six months staff have been promised that “next Friday we will be making an announcement” about who is buying My Business, but Friday never comes.

Staff heard that UK publisher Haymarket was buying it, but has since declined to proceed with the deal due to the My Business competitor DSB recently relaunching Loyalty Australasia – now a monthly with higher circulation than My Business.