Heavyweight media investor Gordy Crawford–who happens to own a big chunk of Time Warner–says the conglomerate plans to dump its magazine business. But I get the sense that Jeff Bewkes and company plan on keeping at least some of the unit’s iconic titles.
While it’s true that Time Warner’s magazine unit is embattled, there are bright spots in the portfolio. Take People.com: The gossip magazine has always been one of Time Inc.’s strongest performers. Now its companion site is, too. Who gets credit? Some of it goes to celebs like Ashlee Simpson, and their babies.
Time Inc. employees know that layoffs are coming, and this morning they were told that the layoffs will cost parent company Time Warner a bundle. Still unknown: who’s actually getting fired. That will change beginning next week, says Time Inc. spokeswoman Dawn Bridges. She says the company will unveil the “size, staffing and structure of each of the business units” beginning “early next week.”
More fuel for the online advertising pessimists among you: Advertising revenues at AOL dropped six percent in the third quarter. Given that those results cover the three-month period that ended Sept. 30, which only included a couple weeks of flat-out economic collapse, there will be worse news in store for the last quarter of the year.
Time Inc. still hasn’t figured out exactly how many people the magazine publisher will fire this fall — the 600 number reported earlier this week, we’re told, is a guesstimate. In the meantime there are plenty of high-level org chart changes, like the departure of Ned Desmond, a longtime Time Inc. vet who was most recent title was President of Time Inc. Interactive. Click through to read Time Inc. boss Ann Moore’s goodbye memo.
Peter Kafka has been covering media and technology since 1997, when he joined the staff of Forbes magazine. Most recently, he has been the managing editor of the tech and media Web site, Silicon Alley Insider.
Here is a statement of my ethics and coverage policies. It is more than most of you want to know, but, in the age of suspicion of the media, I am laying it all out.
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