Downturn Hammers Magazine Industry, Too

Online newsstand to combat slumping sales

(NEWSER) - The latest bid to save magazine publishing may soon have readers browsing the online racks of an iTunes-style newsstand. Major magazine publishers including Time Inc. and Conde Nast hope to exert some control over digital readership with a joint venture enabling readers to buy copies of the New Yorker, Sports Illustrated, Esquire, and many other mags from a single website, the New York Times reports. More»

Magazine publisher could lose $200 million this year, industry sources say

(NEWSER) - Condé Nast will shut down iconic foodie magazine Gourmet as well as newer title Cookie and Brides offshoots Modern Bride and Elegant Bride, CEO Charles Townsend announced today. Hundreds of jobs will be lost in the company’s biggest single day of closings, the New York Post reports. The publishing powerhouse, experiencing a steep decline in ad revenue, made the decision following a three-month cost analysis. More»

(NEWSER) - Condé Nast’s once-ballyhooed Portfolio magazine will cease publishing immediately, staffers were told this morning. “The five main categories of advertising a publication like ours depends on are really in trouble,” Condé Nast’s group president told the New York Times. The magazine launched in April 2007, and has witnessed a historic 60.9% plunge in ad sales over its short existence. More»

Google trying to drum up support among publishers, say insiders

(NEWSER) - Google is considering launching a digital newsstand that would cater to users of smartphones and tablets that run Android, setting the stage for a competition with Apple for publishers’ support. Apple’s iTunes already sells a number of popular periodicals; Google has reportedly held talks with Time Inc., Condé Nast, and other publishers about its plans for the e-newsstand, which would house apps from media companies who offer Android-friendly versions of their publications, the Wall Street Journal reports. Google has promised to take a smaller cut from publishers than the 30% slice Apple takes, say insiders. More»

Sidney Harman assumes magazine's growing losses

(NEWSER) - Sidney Harman has agreed to buy Newsweek, Advertising Age reports . The 91-year-old stereo-equipment magnate, who is married to Democratic Rep.Jane Harman, will essentially pay nothing for the magazine—the real cost comes in assuming Newsweek's liabilities, which could top $70 million this year. The Washington Post Co. has been looking for a buyer for Newsweek since May, when it announced the magazine would lose money again this year. More»