Magazine financial news encouraging

Martha Stewart Living Omnimedia (MARTHA STEWART LIVING*, WHOLE LIVING*) this week posted flat revenues for the first quarter with ad pages for the flagship MARTHA STEWART LIVING up 20%…

Residents of the Canadian provinces Ontario and British Columbia will soon find their magazines a little more expensive.  Until then subscriptions have been exempt from the harmonized sales tax but July 1 these will be included and will raise the cost 8% in Ontario and 7% in BC…

Publisher Meredith (BETTER HOMES AND GARDENS*, FAMILY CIRCLE*, MORE*) fiscal third-quarter grew earnings 31% as the company reported advertising revenue rose 4% at its magazine business and 20% for online operations.  The results beat Wall Street’s expectations.  CEO Stephen Lacy said, “While our advertising growth was encouraging, we are still well below historic levels established prior to the recession in both our national and local businesses.”  In magazines, Lacy cited figures showing the company had a 12% share of all industry ad dollars in the most recent quarter, up from 11% in the prior year…

Canadian Auto publisher files for bankruptcy protection

Canadian DRIVEN, MOTOMAG, AUTOMAG + QUÉBEC TUNING, AUTO JOURNAL, IMAGINE and AUTO PASSION magazines are undergoing changes after their Québec-based publisher, AUTO JOURNAL GROUP, filed for bankruptcy protection in March.

Owner Michel Crépault says the combination of a global recession, auto industry crisis, and online competition has resulted in a significant lost of revenue. All the magazines rely heavily on advertising from auto industry manufacturers, some of which have stopped advertising altogether in all six magazines.

Despite an April 2009 restructuring that saw a reduction in fulltime staff from 23 to six and a relocation of office space, the company has been losing money steadily. An editorial overhaul of the magazines did not bring the advertisers back either.

The company was also expecting income from selling its flagship magazine, Driven, but the transaction fell through in early March.

Motomag, the motorcycle magazine, printed its last issue in March and Crépault is currently working to create an online version of both Motomag and Québec Tuning. Autojournal, a monthly car dealer’s magazine, remains profitable and will continue to be printed. Crépault is also confident the other titles will survive even if sold off because they serve a strong niche market.

Contact Michel Crépault at 514 684-6426, michel.crepault@autojournal.qc.ca, for more information.

Wooden Horse Monday Round-Up

Canadian custom publisher Redwood Communications (CAA, LIFE & HOME, KRAFT FOOD & FAMILY) has changed its name to Totem Communications Group.  The company will remain a unit of Transcontinental Media….

STYLE AT HOME has a new editor-in-chief, Erin McLaughlin, mclaughlin@homeandcountry.ca…

1TO1 MAGAZINE has ended its print edition but will continue online.  The online magazine, which covers customer relations management and is geared toward CEOs, top managers, executives and other decision-makers, will launch in February…

US printer Quad/Graphics has acquired Canadian printer Worldcolor, formerly Quebecor, making the combination the second largest North American printer after Chicago-based RR Donnelley & Sons.  The deal was reportedly worth $1.3 billion.  Quad/Graphics’ prints ROLLING STONE and SPORTS ILLUSTRATED and Worldcolor’s clients include GQ and NEWSWEEK…

BLOOMBERG BUSINESSWEEK has announced the acquisition of two new superstar editors: Former FORTUNE managing editor Eric Pooley and NEW YORK magazine editorial director Hugo Lindgren…

SHERMAN’S TRAVEL will be distributed with the national newspaper USA Today to selected US hotel rooms.  In the second half of 2010, the magazine will distribute 75,000 copies of its fall and winter editions, increasing total circulation 38% to almost 450,000…

VETERINARY TECHNICIAN and VETERINARY FORUM magazines have halted their print editions and are producing content online only.  The first online editions will launch in February…

MYBUSINESS will relaunch in March by a new owner, Imagination Publishing and a new top editor, Simona Covel…

PASSPORT will increase frequency from eight to nine issues per year, based on an encouraging 32% lift in ad revenue…

Publisher Reader’s Digest Association (READER’S DIGEST, EVERYDAY WITH RACHAEL RAY, TASTE OF HOME) will have emerged from bankruptcy on Monday after having lightened its debt load to $525 million from $2.2 billion.  However, per nypost.com, “S&P is giving the new debt a rather lackluster B rating,” partially because of the “outmoded nature of the Reader’s Digest flagship magazine.”…

SAN JOSE magazine, folded in 2008, is scheduled to be relaunched in early 2010 by new owner Ziyak Media Group (BERKSHIRE LIVING) and with a circulation of 30,000.  The magazine is undergoing an extensive redesign…

SCHOLASTIC PARENT & CHILD is adding celebrity covers and celebrity content from such well-known experts as financial guru Suze Orman and new talk show host and the director of the Cardiovascular Institute and Complementary Medicine Program at New York Presbyterian Hospital, Mehmet Oz MD, aka Dr Oz…

Canada’s Number One Magazine Shakes Things Up

CHATELAINE, the flagship magazine of Canadian conglomerate Rogers Communications, has created a new editorial team.  Jane Francisco will replace Maryam Sanati as the editor-in-chief.  Sanati left the company last week.  Francisco will be the fifth editor to hold the position in the past five years.

Jane Francisco

An 18-year veteran of Canadian publishing, Francisco recently held the position of editor-in-chief for STYLE AT HOME magazine, published by Transcontinental.  She also served as executive editor for the St Joseph Lifestyles Group, as well as being the founding editor-in-chief for its now-defunct WISH magazines.

As part of the shift, Rogers expanded several other key roles.  CHATELAINE publisher Kerry Mitchell will offer more input at GLOW and TODAY’S PARENT.  Dianne de Fenoyl, managing editor at Maclean will become CHATELAINE’s editorial director.  Ken Whyte, publisher and editor-in-chief of Maclean’s as well as publisher of Canadian Business, Profit and Moneysense will also be joining the team.

Considered one of Canada’s top magazines, CHATELAINE has a paid circulation of 553,000 and a total revenue of $56.5-million in 2008, a year-over-year decline of 4.54%.

Business Publisher Forbes Bumped from Landlord to Tenant

Publisher Forbes (FORBES, FORBESWOMAN) has sold its flagship Manhattan headquarters at 60 Fifth Avenue to New York University.  Rumors place the sale at $55 million, considerably lower than the original asking price of $140 million when the 145,000-square-foot building was first placed on the market in 2007.

Forbes won’t be moving anytime soon though; the company will remain in the building, which they moved into in 1962, as a tenant with a five-year lease.  But, after seeing ad pages drop 30% in 2009, Forbes laid off approximately 100 employees and has been selling off assets – including its wine collection.

Travel Magazine Sold to Investment Company

BUDGET TRAVEL, the financially ailing travel magazine, has been sold by owner The Washington Post Company to Fletcher Asset Management, a New York based investment firm.  Financial terms of the sale were not disclosed.

Budget Travel has lost over 28% of revenue during 2009 and The Washington Post Company needed to part with the travel magazine to focus more on its also monetarily challenged NEWSWEEK title.  Tom Ascheim, CEO of Newsweek, released a statement saying that the new owner had agreed to keep all of Budget Travel’s management in place and “essentially all” of the editorial staff.  Fletcher also plans to keep the 10 issue-a-year schedule and keep the online edition live.

Budget Travel, founded by travel icon Arthur Frommer, has been part of the Washington Post Company since 1991 and boasts a circulation of nearly 700,000.

Wooden Horse Friday News Round-Up

SMITHSONIAN ZOOGOER has a new editor, Peter Winkler, winklerp@si.edu. The query/pitch address is zoogoer@si.edu…

BON APPETIT has lost Heather John as senior editor but will continue to cover wine, beer and spirits as a contributing editor…

The Fashion Beat blog, www.tfbeat.com, has been launched by former lifestyle reporter Lauren Sherman, lauren@tfbeat.com…

SAVEUR has replaced wine and spirits editor David Wondrich with David Rosengarten…

FLARE, the Canadian fashion magazine, is without health and lifestyle editor Karen Kwan…

Haute Travels is a new blog covering travel and fashion at http://hautetravels.blogspot.com…

PARENTING EARLY YEARS, PARENTING SCHOOL YEARS creative director Nancy Brooke Smith has left the magazine…

AMERICAN QUARTER HORSE RACING JOURNAL has folded and will become a section of AMERICAN QUARTER HORSE JOURNAL…

Cygnus Business Media (PRINTING NEWS, ASPHALT CONTRACTOR, MASS TRANSIT) just announced that three vice presidents will be leaving, including Dave Davel, VP of Publishing, due to “streamlining of the management structure.”…

DMNEWS, the trade pub covering direct marketing, is celebrating its 30th anniversary on November 30…

BEST YOU has received the go-ahead to assume a regular print schedule by owner Reader’s Digest Association…

MILLIMETER, for those in the motion picture and TV production industries, has gone online-only…

Martha Stewart just signed a new deal with her company: $2 million per year with a bonus of $1 million and a signing bonus of $3 million…

NEWSWEEK laid off another dozen staffers because of the “economic climate in publishing.”  Editor Jon Meacham wrote in a memo: “I have no spin to offer.  I will say this, though: our new magazine and website have been well received by readers.”…

944 MAGAZINE ATLANTA has hired Isoul H. Harris as managing editor.

ART BUSINESS NEWS has added Gabriel Kiley as managing editor for its print and online editions.  He replaces former managing editor Jennifer Dulin Wiley.

BETTER HOMES AND GARDENS* has named Katherine Pushkar as lifestyle editor.

Blacktie-Colorado.com has advanced Nancy Koontz from reporter/feature writer to editor.

CAPITOL FILE* has announced that publisher Susan Nixon has resigned.

CIO CONNECTION has tagged Stephanie Fraser to replace Katie Weitkamp as editor.

DEPARTURES* has promoted Adam Bookbinder to design director.

ESSENCE* has announced that Web site fashion and beauty producer Tiffany Miller and Web site fashion and beauty editor Qianna Smith are no longer with the magazine.  Other exiting staffers include technology editor Evan Narcisse, research chief Bridgette Bartlett and Web site associate editor Charreah Jackson.

EVERY DAY WITH RACHAEL RAY* has lost Jessica Wozinsky, an assistant editor covering lifestyle.

FAMILY CIRCLE* has added staffer Jocelyn Voo to serve as senior Web editor.

Gizmodo.com has reported that contributing editor Joanna Stern is leaving.

THE HARTFORD BUSINESS JOURNAL has lost editor John Ferraro.

HouseLogic.com has tapped Mike DeSenne as online managing editor.  He had been executive editor at SmartMoney.com.

INTECH has laid off editors Greg Hale and Nick Sheble, as well as associate editor Ellen Fussell Policastro.  Publications manager Susan Colwell has taken over editor duties.

INVESTMENT NEWS has hired Jeff Nash as assistant managing editor.  He previously was a reporter for sister publication PENSIONS & INVESTMENTS.

LUCKY* has announced the departure of editorial assistant Emily McCarthy.

MARIE CLAIRE* has reported that accessories assistant Jennifer Kramer is no longer with the magazine.

Mediabistro.com has named Jason Boog as editor.

More.com has hired Jodie Green as director.

O, THE OPRAH MAGAZINE* has hired Abbe Wright as contributing assistant to the creative director.  She had been assistant to the editor-in-chief at MODERN BRIDE*, ELEGANT BRIDE* and YOUR PROM.  In other news, Gillian Berenson has been named art director.

PARADE* has tapped Brett Wilson to serve as publisher.

PARENTS* has acquired Kara Corridan as health editor.

THE PARIS REVIEW has announced that resignation of editor Philip Gourevitch.

ShackNews.com, a site targeted at gaming enthusiasts for Pcs and consoles, has lost co-editor Nick Breckon.  Co-editors Chris Faylor and Aaron Linde will remain in their positions.

SPORT DIVER* promoted Eric Michael from senior editor to editor.

TASTE OF HOME* has named Christian Millman as executive editor.

TensionMagazine.com, a new quarterly online magazine on the fashionable side of crocheting, has announced it will be co-edited by Julie Armstrong Holetz and Josi Hannon Madera.

Time Inc Business, News and Sports Group has promoted John Cantarella to senior VP-digital.  He will oversee CNNMoney.com, Time.com, SI.com, Golf.com and LIFE.com.

Tonic.com has recruited Mark Dagostino as senior editor.

UsMagazine.com has named Justin Ravitz as staff editor.

WINDING ROAD has named Seyth Miersma as editor-in-chief.

WOMEN’S WEAR DAILY has announced the exit of media market editor Irin Carmon.

WonderWall.com has promoted Saryn Chorney from senior editor to managing editor.

GARDEN & GUN* skipped its October/November issue and fears were high that it would also pass by its December 2009/January 2010 issue, but publisher Rebecca Darwin emailed foliomag.com that the issue has gone to press..

Eating at Home Stimulates Food Advertising, Pushing Some Magazines Up This Year!

The final ad page numbers for 2009 have yet to come in, but preliminary stats show some magazines with more ad pages this year than in 2008 – and some with definite upticks in the month of December.

Magazines from Des Moines, IA-based Meredith fared the best: FAMILY CIRCLE increased pages 12% for the year, FITNESS 9%, LADIES’ HOME JOURNAL 3%, and BETTER HOMES AND GARDENS and MORE 2%.  In December BETTER HOMES AND GARDENS ad pages were up 42% and LADIES’ HOME JOURNAL increased 29%.  But everything has not been rosy: PARENTS and TRADITIONAL HOME both fell in 2009, by 10% and 7%, respectively.

Other publishers struggled: Time Inc laid off an estimated 400 to 500 people and closed FORTUNE SMALL BUSINESS.

But INSTYLE ad pages were up 5% for the December issue versus a year ago; it was also one of the only fashion magazines with a bump in the prominent September issue.  For the year, pages were down about 17% from a year ago.

PEOPLE STYLE WATCH saw its ad pages in December 30% while full-year pages were up 23%.  REAL SIMPLE, SOUTHERN LIVING, and COOKING LIGHT all had December ad-page increases (33%, 34%, and 27%, respectively.)

Six Hearst magazines had ad-page increases in December, nytimes.com was told: GOOD HOUSEKEEPING, HOUSE BEAUTIFUL, MARIE CLAIRE, COUNTRY LIVING, COSMOPOLITAN and O, THE OPRAH MAGAZINE.

Food advertising is credited with lifting December.  Brands like Heinz and Hellmann’s are increasing their ads, trying to raise market share at a time when more people are cooking at home.

 

Not the Way to Run a Company: Ascend to File Chapter 7

Publisher Ascend Media Holdings has filed for Chapter 7 liquidation under the US bankruptcy code.  The Overland Park, KS-based trade publisher is what’s left of a once large company of about $150 million in revenue.

Ascend was originally founded in 2002.  The 2004 acquisition of publisher World Communications for $130 million put the company on the map, but also broke its back.  To stay afloat, Ascend sold off its 17-title Professional Service Division, shut down three titles (PHYSICIANS MONEY DIGEST, FAMILY PRACTICE RECERTIFICATION, INTERNAL MEDICINE WORLD REPORT), divested its four-title dental group and sold EXPO magazine to Red 7 Media all in 2007.  In February 2008, Ascend sold its Princeton, NJ-based Ascend Health division to Intellisphere.  The custom media division was acquired in September by Cameron Bishop, a former CEO, who bought the brand name Ascend Media and its logo/trademark and now operates the similarly titled Ascend Integrated Media LLC.

The original company, Ascend Media Holdings, now carries nearly $15 million in liabilities compared to only $25,000 in estimated assets.  Ascend said it has between 100 and 199 creditors, the majority being unsecured non-priority claims and indicated that after any exempt property is excluded and administrative expenses are paid that “there will be no funds available for distribution to unsecured creditors.”

Two Year-Old Southern Lifestyle Magazine Skips One Issue

GARDEN & GUN launched a little over two years ago and – because of the timing – has seen more than the usual start-up problems in its short life.  As Publisher Rebecca Wesson Darwin recently wrote subscribers and admirers in an email and on the website, “this has been a tough year for magazines and media companies.”

But she clearly is not ready to give up: “We have seen some great ones go down, including GOURMET and SOUTHERN ACCENTS, among others.  But we have built something special at Garden & Gun, and we’ve been determined to weather this financial storm by being nimble, creative, and aggressive in securing our future, and in continuing to deliver this great publication.

To help shore up our business for 2010 and beyond, we recently made the difficult decision to skip our October/November issue.  This was a painful thing for the G&G team, and we hate to disappoint you, our loyal subscribers.  However, please rest assured that you will receive the full number of copies you ordered when you subscribed or joined one of our club levels…And know this: We will never compromise on the quality of the writing, the photography, or the beautiful paper that Garden & Gun is printed on.

The next issue you receive will be a December 2009/January 2010 issue (above, right) that will be mailed to subscribers in late November (and that will appear on newsstands December 8)…We hope you understand the necessary steps we’ve taken to move into 2010 in a strong position, and we trust you’ll stay with us as we strive to capture the Soul of the New South in print, on the web, and through an expanding array of auctions and events.  Thank you for believing in the mission of Garden & Gun, and for your commitment to preserving the best of Southern culture.”

What do you think?  Was skipping an issue the right solution, and will it work?