Three Layoffs as Business Titles Combine Sales Staffs

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NEW YORK (AdAge.com) -- Continuing a reorganization designed to boost revenue and cut costs, Time Inc. has combined the sales and marketing operations of its business and finance titles -- Fortune, Fortune Small Business, Money and Business 2.0.

The new sales organization, which also includes CNNMoney.com, will be led by newly appointed group publishers Michael Dukmejian and Michael Federle. Mr. Dukmejian had been publisher of Money; Mr. Federle had been group publisher of Fortune.

Consolidated unit
Three employees out of about 100 lost their jobs -- the heads of the Washington and Boston offices and a junior staffer in Chicago -- in the creation of the consolidated unit, called the Time Inc. Business and Finance Network.

"This new structure will allow us to serve our customers more efficiently while significantly increasing our ability to create customized and integrated marketing solutions," Chris Poleway, group president, Time Inc., said in a statement.

Anything that helps the business books sell more advertising would be welcome. Last year, ad pages fell 9.8% at Fortune, 2.5% at Money and 7.7% at Business 2.0, according to the Publishers Information Bureau. (Pages grew 8.4%, however, at Fortune Small Business.)

New business titles
At the same time, Conde Nast Publications is hard at work developing its business magazine, due next year, and independent Success magazine -- a business and lifestyle book -- is expected to publish its first issue next month.

Time Inc., the country's biggest magazine publisher, has been reorganizing and trimming staff at a steady pace since last year under Ann S. Moore, chairwoman-CEO.

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