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SHOP ETC. AND WEEKEND

After launching and/or acquiring 12 magazines in the last seven years — one of the most aggressive records of any publishing company — we have reexamined the viability of some of our development titles.

Unfortunately, because the performance metrics we set for new magazines were not achieved, and because of the challenging economy, tough newsstand environment, and rising paper and postal costs, two magazines will be discontinued: SHOP Etc. (after its October issue) and Weekend (after its September issue).

Quick & Simple, another title in development that was introduced last year, is showing steady improvement, and we will continue investing in that franchise. We remain committed to introducing and acquiring new titles, investing in our established ones, and growing our new Digital Media unit. This will further build our existing magazine brands' presence on the Web and into other new technologies, such as mobile, video-on-demand, and podcasting.

We thank Mandi Norwood, Cindy Lewis and their staffs at SHOP Etc., and Susan Wyland, Lauren Michaels and their staffs at Weekend, for all their hard work and dedication.