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Posts Tagged ‘Tim Starks’

Morning Media Newsfeed: Time Inc. Struggles | Netflix Shareholders Back Hastings

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Time Inc. Stock Falls in Its Debut (NYT)
Shares of Time Inc., the magazine company that began trading Monday after being spun off from Time Warner, got off to a rough start, falling nearly 7 percent before recovering somewhat. Bloomberg The shares, trading under the ticker symbol TIME, slid less than 1 percent to $23.30 at the close in New York, after earlier dropping by as much as 6.7 percent. Shares of Time Warner, which owns the Warner Bros. movie studio and cable networks such as HBO and CNN, rose 1.2 percent to $68.99. FishbowlNY 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. HuffPost Time Inc. laid off hundreds of employees in 2013 and earlier this year. Some titles, such as People, appear to have already started with their layoffs. Time Inc. is also set to leave its longstanding home, the Time-Life Building, for a cheaper downtown pad. THR Dealmaking could be on the agenda, but unlikely in the form of big acquisitions. Time Inc. was spun off with $1.3 billion in debt. Analysts have compared that to the lack of debt that Rupert Murdoch’s News Corp got when the mogul’s empire was split into two last year. Moody’s recently rated Time Inc.’s debt below investment grade, but other observers said the debt will also allow Time Inc. to show that it can be trusted financially.

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Oscar De La Hoya Shakes Up The Ring Magazine

There is uncertainty in boxing circles about what some recent editorial changes mean for the future of The Ring magazine. Parent company Golden Boy Promotions, headed by SoCal sports hero Oscar De La Hoya, has reportedly fired editor-in-chief Nigel Collins and managing editor Joseph Santoliquito, and announced that the publication’s Blue Bell, Pennsylvania operations are being folded into the LA headquarters of Golden Boy and RingTV.

Unusually, news of these changes was first revealed last week by a couple of the magazine’s staffers, Eric Raskin and William Dettloff, on their podcast “Ring Theory. In response, “Queensbury Rules” blogger Tim Starks shared these thoughts:

I’m withholding final judgment on all of this, and what it means for the magazine, until I know more. All I know is that, based on what I’ve heard so far, I’m worried. Very, very worried.

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