TIME INC. LEADERSHIP CHANGES ;ALLY ANNOUNCES BUYING UNIT VARIETY OFFERS VARIETY;MPA AWARDS EXPANDED

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Stuart Arnold, 42, was named publisher of Fortune from advertising sales director, while Betsy Martin, 50, becomes publisher of Money from associate publisher-ad sales director, following the retirement of James B. Hayes, 55, and William Myers, 59. The two had been publishers of Fortune and Money, respectively.

Both denied they were leaving under pressure by Group Publisher Michael Pepe, who assumed responsibility for the two magazines as part of last fall's corporate reorganization.

Also, Fortune Managing Editor Marshall Loeb announced plans to retire before his 65th birthday May 30. No successor has been named.

Ally & Gargano formed Media Partners to handle independent media planning and buying assignments. The New York-based unit, headed by Corporate Media Director Dawn Sibley, starts with about $75 million in billings from current media-only clients.

Subscribers to Cahners Publishing Co.'s Los Angeles-based Variety are getting an unusual bonus in 1994: a free subscription to Time Inc.'s Entertainment Weekly. The publications have teamed up before and are exploring additional joint projects, executives said. Although there is little duplication between their subscription lists, a letter from Variety suggests subscribers who already get Entertainment Weekly pass the bonus copy along to friends or "simply call Entertainment Weekly .*.*. They'll be happy to put your subscription on hold."

Magazine Publishers of America will add four categories to its MPA Kelly Award competition honoring the best magazine ad campaigns. In addition to the $100,000 General Excellence award, the MPA will now also recognize Best Design & Graphics; Best Headline & Copy; Best at Meeting Campaign Objectives; and Best New Work by a New Team. MPA will also establish a Kelly Award Hall of Fame. The awards will be presented at a black-tie dinner May 26 in New York.

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