Coming on the heels that Time Warner is selling its Columbus Circle location, and downsizing Time, Inc. in a major way (6% I believe, I also can’t help but think this didn’t help the situation, especially since weeklies are barely hanging on), is the news Meredith may buy a majority of Time’s considerable stable of mags. In the deal–stlll in the works–Time’s woman’s titles would go the way of Meredith, and staying with Time–is the namesake–Time magazine, along with Sports Illustrated, and Fortune. Details are still developing.
Time hired new CEO Laura Lang in Jan. and had high hopes for Lang, who had served as the CEO of digital ad agency Digitas. The plan was to launch an aggresive digital agenda. It appears maybe the higher ups had other plans…..either that, or Lang was severely misguided in what she thought the company needed, and how fast she planned to do it. From my seat–either way–she should be fired. Sadly, it doesn’t matter now.
An interesting note from adage I had to include below:
“This is kind of a bellwether event, because it’s the largest magazine company in the world splitting the company up,” Reed Phillips of media investment bank DeSilva + Phillips. “It’s the end of an era. The issue of Time Inc. is a Time Warner issue. Magazines have become a much smaller piece of the puzzle there.”