Time Inc. Business Unit Reorganizes, Sheds Group Publishers

Move Follows Shuttering of Business 2.0

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NEW YORK (AdAge.com) -- Time Inc. is reorganizing its struggling Business and Finance Network by restoring the publisher positions at Fortune and Money magazines and creating a new post, yet to be filled, that will oversee all print and digital ad revenue. The network, which includes CNNMoney.com, is also being renamed the Fortune/Money Group.
Vivek Shah
Photo: Buck Ennis
Vivek Shah
Read Vivek Shah's memo to the Time Inc. staff


Losing their roles
The restoration of the publishing positions, which were eliminated in April 2006 when Time Inc. formed the group by combining the ad sales staffs of Fortune, Fortune Small Business, Money and Business 2.0, means an end to the group publisher spots that had been occupied by Michael Dukmeijan and Michael Federle. Mr. Dukmejian is leaving; Mr. Federle will serve as a senior adviser to Vivek Shah, the group president, until the end of the year. Lisa Bentley, a group associate publisher on the West Coast, is also losing her post.

Hugh Wiley, who had been group associate publisher at the network, was named publisher of Fortune. Brett Wilson, who had been associate publisher for North America at Time magazine, was named publisher of Money. Alan Ives (no relation to this reporter) was named senior VP for sales at CNNMoney.com, filling a post that had been vacant.

"It is an evolution of our approach," Mr. Shah said today in a statement. "Eighteen months ago we made a very smart and bold decision to create a single print sales force and a single digital sales force. That was a streamlined way to do business. We wanted to simplify further and put focus back on the brands."

Three segments
"We're going to provide that brand stewardship while being very coordinated in all our sales efforts," Mr. Shah added. "We've got three segments: the magazine advertising business, the digital advertising business and the integrated advertising business. They're all important. You've got to put yourself in a position where you can accommodate all three."

Today's shakeup is not the first for the business and finance group since its creation, which was intended to increase efficiency and facilitate multibook, multiplatform ad programs. Last October, for example, Fortune replaced Editor in Chief Eric Pooley with the columnist and CNN business anchor Andy Serwer. Traction with advertisers, however, continued to dwindle there and across the group. During the first half of 2007, ad pages dropped 17.5% at Fortune, 18.2% at Fortune Small Business, 25.7% at Money and 34.1% at Business 2.0.

By the end of June, Time Inc. executives had decided on a change. They tapped Mr. Shah, who had run the network's digital publishing, to take his boss Christopher Poleway's place as the network's president. Last week, Mr. Shah shut down Business 2.0 after nine years of publishing.
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