TIME INC. SHUTS DOWN 'MUTUAL FUNDS' MAGAZINE

'The Category Just Evaporated' Says Publisher

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NEW YORK (AdAge.com) -- The latest casualty of the sustained magazine industry recession was notched today as Time Inc. shuttered Mutual Funds magazine.

The decision to shutter the title came late last week, said Publisher Michael Dukmejian. "The category just evaporated," he said. "Since we bought this magazine in [June] 1998, the mutual fund ad category's pages are down 80%. ... Generally we get very nervous around here when an ad category is off 10%."

Ad pages down 25%
Through August, ad pages

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fell 25.4% to 264.9, according to Publishers Information Bureau. That performance comes after ad pages declined 26.0% for full-year 2001. Circulation for Mutual Funds, which was started up in 1994 by the Institute of Econometric Research, the first half of 2002 was 843,000.

The move affects 33 staffers, although Mr. Dukmejian will become publisher of the company's personal-finance title Money. He replaces Kathy Kayse, who today was named publisher of People magazine -- a position that had been vacant following Peter Bauer's promotion to president of People in August.

Elsewhere in Time Inc. today, People's associate publisher, Paul Caine, was named publisher of Teen People. Mr. Caine replaces Anne Zehren, who is taking a leave of absence.

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