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"We do an annual print meeting with all of our magazine reps. I said to them, `If you have any issues or you consider bringing [circulation] down, don't be afraid to let us know. We are more interested in quality, and if that's the right thing to do, then fine with us.'

"We look at wantedness. Everything is wantedness. How do people want [the magazine], and what are they willing to do to get it? We like to see, first of all, that a magazine achieved rate base. But then more important is [whether a magazine made rate base] issue by issue. Because we may have some brands that are in some [magazines] across the year. It doesn't help if overall the magazine is delivering but we see huge variables in months that we are advertising.

"Big is not what it used to be anymore. Think about it: When magazines had huge circulations, there were three networks and 50% shares [of TV audience for key programs]. Just like fragmentation in the TV industry, there are so many special-interest publications. Smaller circulation is not a bad thing. And large isn't bad as long as it's targeted and as long as it's delivering audience."


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