As chief executive of Hearst Corp., Steve Swartz leads one of the largest private media empires in the country, with holdings in newspapers, magazines, broadcast television, cable television and business information stretching from Cosmopolitan to its 20% stake in ESPN. Yet from the fraying cable television bundle to evaporating print advertising, each of these legacy businesses faces challenges from digital media.
Norman Pearlstine can no longer peel a banana with his bare foot.
"I lost my fastball," said the chief content officer of Time Inc.
I read about the banana stunt when he was executive editor of the Wall Street Journal. Many years later, he needs new magic to save Time, Fortune, People, Sports Illustrated and 80 other print publications that are getting whacked by the digital age.
Pearlstine still savors a long print narrative, but he isn't going to nobly preside over the demise of a public trust like Time
When SmartMoney made its debut in 1992, it was anything but another staid business magazine. A joint venture of Dow Jones and Hearst Magazines, it mixed humor with provocative stories, many of which regularly incensed advertisers. Founding editor Steve Swartz, a former Wall Street Journal Page One editor, embraced it all, taking meetings with angry executives. The magazine quickly asserted itself as a contender among personal finance titles and rocketed Swartz's career when Hearst Corp. CEO Frank Bennack Jr. came calling in 2001, offering him the chance to help run Hearst's newspapers. Swartz jumped at the opportunity.
Newsweek has decided to end its print edition, and other publications like Gourmet, PC Magazine, SmartMoney and U.S. News & World Report are now only in digital formats. So it is perhaps not surprising that a new print magazine is being brought out by a company that specializes in food service products rather than journalism.
The magazine, a quarterly named Food Fanatics, is being introduced with a 64-page fall issue by US Foods, formerly known as U.S. Foodservice. US Foods, which is owned by Clayton, Dubilier & Rice and Kohlberg Kravis Roberts & Company, wants the magazine to serve as
Newsweek's decision to stop publishing a print edition after 80 years and bet its life entirely on a digital future may be more a commentary on its own problems than a definitive statement on the health of the magazine industry.
Magazine ad revenue in the U.S. is seen rising 2.6 percent this year to $18.3 billion, according to research firm eMarketer. That would be the third increase in three years, driven mainly by gains in digital ad sales, though print ads are expected to be flat.
Paid magazine subscriptions were up 1.1 percent in the first half of the year,
The Daily, News Corp.’s attempt to create a digital newspaper for the iPad age, is laying off nearly a third of its staff. The publisher plans to tell its workers today that it will fire 50 of its 170 employees, according to people familiar with The Daily’s plans.
The move comes 18 months after the tablet newspaper’s high-profile launch, and a little more than a month after News Corp. announced plans to split itself into an entertainment company and a newspaper company. (News Corp. also owns this Web site.)
Dow Jones is closing the print edition of SmartMoney, the 20-year-old personal finance magazine, and expanding its digital news team, the company said today, confirming news first reported by The Wall Street Journal.
The print edition's September issue will be its last, meaning the elimination of 25 jobs, Dow Jones said.
• Hearst Magazines International names Jay McGill senior vice president.• Bill Shaw becomes publisher of SmartMoney, effective Jan. 1, 2007.• Patricia Davis is appointed associate publisher, marketing, AARP Publications. • Robert Love joins Rodale’s Best Life as editor at large.• Best Life also appoints Jack Otter as deputy editor.• Advantage Business Media names Matt Lally…