“Uncertainty was very high and morale was patchy, tough,” said Mark
Kelsey, global chief executive of RBI, adding that the division felt “unloved”
and a “pariah” in the wider Reed business.

However, the changes have helped RBI go from its lowest ever margin of 10pc to
a record high of 15.8pc in just two years.

Last month the company offloaded its profitable recruitment website Totaljobs
to Axel Springer for £110m. In March it also put its entire Australian
business on the block, along with its flagship showbiz bible, Variety
– a sale that will complete RBI’s exit from the US print market.

The magazine, launched in 1905, has had interest from “scores” of
potential bidders, understood to include Hollywood moguls. Bids are due in
the first week of June.