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Posts Tagged ‘Joe Ripp’

Time Inc. Sells Mexican Publisher

Time__Inc_-logo-2ED06AA15C-seeklogo.com_Time Inc. has sold Grupo Expansión (GEx) — Mexico’s second-largest publisher — to Southern Cross Group, a private equity firm. Time Inc. had acquired GEx in 2005.

Joe Ripp, Time Inc’s CEO, said the company sold GEx because it didn’t fit in its plans. “Time Inc.’s prime focus today is on growing core assets in the U.S. and U.K.,” said Ripp, in a statement. “Therefore, we believe GEx will have better opportunity to maximize its value under the ownership of Southern Cross.”

GEx’s brans include Expansión, Elle, Obras, Manufactura, IDC, Quién, Elle Decoration, InStyle, Accént, Aire, Gran Plan, Quo, Chilango, Life & Style, Metros Cúbicos, Travel + Leisure, Revolution, CNNExpansión, Mediotiempo, ADNPolítico and CNNMéxico.

Financial terms of the deal weren’t disclosed.

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Time Inc. and Meredith Merger Rumor Returns

Now that Time Inc. is on its own, the rumor that the publishing house and Meredith Corporation will merge is popping up once again. According to The Street, Meredith might acquire Time Inc. as soon as next year:

Meredith could buy Time in the fourth quarter of 2015, Citi analyst Jason Bazinet predicted. The deal is not likely to occur before then because of the tax-free nature of the Tiime spin-off, the analyst believes. Time shareholders would probably receive $28 per share in a takeover and would have 40%-48% of Meredith’s equity following the deal.

The Time Inc./Meredith talks began last February. Despite plenty of discussions, the deal ultimately fell through when the two sides couldn’t come to an agreement on the fate of TimeFortuneMoney and Sports Illustrated. 

Regardless of what the Citi analyst thinks, earlier this month Joe Ripp —Time Inc.’s CEO — was blunt about the idea of a Time Inc./Meredith combo. “I’ve had no conversations with Meredith and I have no plans to talk with [Meredith's CEO] Steve Lacey in the near future,” Ripp said at the time.

Media reporters please note that the phrase “near future” is open to wild and rampant speculation.

Joe Ripp Discusses Time Inc.’s Future

Now that Time Inc. is an independent company, its CEO — Joe Ripp — is going to have to expend some energy discussing what lies ahead. Those talks began with an interview with The New York Post. Ripp was quick to shoot down a couple items — the possibility that the publishing house might buy a big brand, and the chance that Time Inc. could (once again) consider merging with Meredith.

“There will be opportunities for acquisitions, but I don’t see a transformative acquisition in the near future,” Ripp said. He then added that the once-storied romance of Time Inc. and Meredith was completely dead. “I’ve had no conversations with Meredith and I have no plans to talk with [Meredith's CEO] Steve Lacey in the near future,” Ripp told the Post.

As for the rumors that a rash of layoffs are on their way, Ripp commented, “It’s not about downsizing, it’s about are we making the appropriate investments in our products.” Which is a great way of saying nothing at all.

[Image: Shutterstock/Debby Wong]

Joe Ripp Rings NYSE Opening Bell

Here’s Time Inc.’s CEO, Joe Ripp, ringing the opening bell at the New York Stock Exchange this morning. Have you ever watched one of these things? Here’s a quick breakdown: Everyone stands around as a bell is rung a few times, and then they clap and clap and clap. The end.

Time Inc. is now being traded as TIME. As of now, shares have dropped almost five percent, to $22.43. It’s going to be a long week.

Now Independent, Time Inc. to Cut 25 Percent of Editorial Costs

Time Inc. is officially its own company now, and with that, comes many questions. Is it smart to continue the print edition of Time? What about People? And if People — Time Inc.’s money maker — can’t produce, what hope do other titles have? Also, what about that $1.3 billion in debt? According to The New York Times, the publisher at least has an answer to that one — cutting editorial costs. By a lot.

Last week, Time Inc.’s execs met with editors and asked them to begin the process of cutting 25 percent of editorial spending. That means staffing cuts are coming by the bunches. “In almost every meeting with investors and employees, he [Time Inc.'s CEO Joe Ripp] reminds them that he is constantly reviewing staffing levels,” reported the Times. Hanging the hand of death over staffers is surely going to create a nice working environment.

Not that staffers are the only ones who are worried about the cuts. Ripp has told Time Inc. senior managers that it’s all on them to save their magazines. “I can’t fix it,” Ripp said, in meetings. “You have to figure out a way to fix it.” That, of course, brings up one more question — how do you make repairs with a half-empty toolbox?

Time Inc. Buys Technology Company Cozi

Time Inc. will spin off from Time Warner this Friday, but before then, the publisher has a bit of news: It is buying Cozi, a Seattle-based tech company. Cozi creates digital organization products and apps for families. Its most popular product is the Cozi Family Organizer.

In an email to staffers notifying them of the purchase, Time Inc.’s CEO and executive vice president, Joe Ripp and Evelyn Webster, respectively, described the move as “a strategic fit on many levels.”

Because we know you’re wondering, here is Ripp and Webster on those levels:

First, its digital tools naturally align with the more than 53 million families we reach every month. We look at this as an attractive opportunity to combine content from our brands like Real Simple with these interactive tools and products, ultimately giving us a much deeper level of engagement with this important audience. We also believe that Cozi’s organizational products can be applied more widely across our portfolio of brands—imagine the possibilities if we offer travel buffs, sports enthusiasts, or food lovers tangible digital and mobile tools to organize their activities combined with deep, relevant content.

Time Inc. to Leave Time & Life Building

TimeLifeBuildingRockCenter_articleboxTime Inc. is moving on. The company announced that it is moving its offices from the iconic Time & Life Building — where the publisher has been since 1959 — to Brookfield Place in Lower Manhattan. Please, by all means, listen to Scorpions’ Wind of Change as you continue reading this post.

While this is certainly a big change — it could have been worse. Joe Ripp, Time Inc.’s CEO, said the company almost moved to New Jersey, but decided to stay after receiving tax incentives. New Jersey! That’s almost as bad as Iowa.

“Lower Manhattan has become a new destination for creative businesses,” said Ripp, in a statement. “We have ambitious plans for a modern, open workspace that will foster a greater sense of community and collaboration across the company, and it will deliver significant cost savings.”

Time Inc.’s new space will cover 700,000 square feet on six floors. The plan is to have the move completed by early next year.

Time Warner Names Time Inc. Board

timeinc_logo_2.25.10Time Warner has announced Time Inc.’s board of directors. Once the spinoff from Time Warner is complete — it’s still supposed to happen in the second quarter of this year — Time Inc. CEO Joe Ripp will be chairman.

The rest of the directors are listed below.

  • David Bell, Chairman and CEO, Slipstream Communications, LLC; former co-Chairman and CEO of The Interpublic Group of Companies, Inc.
  • John Fahey, Non-Executive Chairman and former CEO, National Geographic Society
  • Manuel Fernandez, Former Executive Chairman, Sysco Corporation; former Chairman, President and CEO of Gartner, Inc.
  • Dennis FitzSimons, Chairman, Robert R. McCormick Foundation; former Chairman and CEO, Tribune Company
  • Betsy Holden, Senior Advisor, McKinsey & Company LLC; former co-CEO, Kraft Foods, Inc.
  • Kay Koplovitz, Chairman and CEO, Koplovitz & Company LLC; founder and former Chairman and CEO, USA Networks
  • J. Randall MacDonald, CEO, Managing Partner, Windham Mountain Partners; Retired Senior Vice President, Human Resources, IBM
  • Ronald Rolfe, Former Partner, Litigation, Cravath, Swaine & Moore LLP
  • Howard Stringer, Former Chairman, President and CEO, Sony Corporation

Morning Media Newsfeed: Court Torn Over Aereo | Time Inc. Board Revealed | Comcast Gains Soar

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Supreme Court Justices Express Concern Over Scope of Aereo Ruling (TVNewser)
While hearing oral arguments from attorneys representing the broadcast networks and Aereo Tuesday morning, the Supreme Court justices “appeared unsure” how to rule in the case. Reuters Aereo, backed by media mogul Barry Diller’s IAC/InterActiveCorp, could be forced to shut down if the court rules for the companies challenging the startup. A win for Aereo could spur innovation in the television industry by paving the way to new, cheaper ways for consumers to watch shows. A decision is due by the end of June. Bloomberg Hearing arguments Tuesday in Washington, some justices suggested they viewed Aereo as violating broadcaster copyrights by using thousands of dime-sized antennas to get over-the-air signals without paying fees. “There’s no technological reason for you to have 10,000 dime-sized antennas other than to get around the copyright laws?” Chief Justice John Roberts asked. At the same time, the hour-long hearing didn’t clearly indicate the likely outcome, as justices including Stephen Breyer repeatedly asked whether a ruling favoring the broadcasters would imperil the cloud computing business. Variety Some of the justices on Tuesday suggested that they faced a challenge in defining just what Aereo is, and drawing a line on where privately used consumer technology ends and a publicly performing service begins. The Washington Post Aereo argued that its thousands of antennas are essentially rented to subscribers of its $8-a-month service for users to pull programs from the public airwaves legally and then store in Internet server files to watch at their convenience. In that way, it is just a mediator, the company argued, with consumers in control of how they use the company’s antennas and storage files for pulling and recording programs from the airwaves. Most of the arguments, which lasted more than an hour, were focused on the justice’s queries about the definition of public and private performances in copyright law and how Aereo differs from cable, satellite and other Internet video firms that pay broadcasters retransmission and other license fees.

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Fran Hauser, Top Time Inc. Exec, Departs Company

Fran Hauser, who has been with Time Inc. for a decade, is leaving the company. Hauser most recently served as president of digital for the publishing house’s Style & Entertainment and Lifestyle Groups. Hauser oversaw brands such as People, InStyle, Sunset and Cooking Light.

The New York Post reports that one reason for Hauser’s departure is that Joe Ripp, CEO of Time Inc., passed over her when he named Colin Bodell the company’s chief technology officer in January.

In a Facebook post announcing her decision, Hauser wrote, “I’m so grateful to all of my amazing colleagues for their friendship, support and mentorship through the years.”

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