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Posts Tagged ‘Time Inc.:’

Morning Media Newsfeed: ABC News Expands to Apple TV | AT&T, DirecTV Sell Merger

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ABC News on Apple TV ‘for Everyone’ (LostRemote)
As of 10 a.m. ET Tuesday morning, ABC News is officially available on Apple TV. TVNewser The new ABC offering features a 24/7 livestream made up of news events and anchored reports, a wide variety of video-on-demand-clips, local content from various ABC News affiliates, content from ABC’s 50-year-old archives, and more. The ABC News Apple TV product also offers an extension of ABC News’ broadcast coverage. TVSpy It also offers a local news section, which showcases top video-on-demand clips from some of the country’s biggest markets. At launch, content from eight ABC-owned stations — including WABC in New York, KABC in Los Angeles, WLS in Chicago, WPVI in Philadelphia, KGO in San Francisco, KTRK in Houston, WTVD in Raleigh and KFSN in Fresno — can be found under the “Local” tab. Variety ABC lacks a cable news channel, unlike broadcast peers Fox and NBC. Now, through Apple TV, ABC News has a 24-hour over-the-top network of sorts available on big-screen TVs. CBS, meanwhile, which also doesn’t have a cable news net, has been exploring a similar digital news service for several years. Capital New York Even when there isn’t live rolling coverage, the app will continue to be updated with segments from ABC News programming, as well as live video feeds from events like speeches or a shot of Earth from the International Space Station. On Apple TV, there are already apps for Bloomberg, The Wall Street Journal and Sky News, among others, but ABC marks the biggest bet by far from a U.S. TV news outlet, at least in terms of live coverage and original content. Other channels, like CNN and Fox News, are available for streaming online, but they require viewers “authenticate” that they are pay-TV subscribers. The ABC News app will not require authentication, making it free for everyone.

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Distributor Shuttering Could Mean Magazine Shortage

magazines_articleIf you rely on the newsstand for supplying your magazine fix and not subscriptions, you might want to change that strategy. The parent of Source Interlink Distribution — one the nation’s largest magazine wholesalers — has filed for Chapter 11 bankruptcy protection. With Source being shuttered, a magazine shortage could be on its way.

Source’s reach was far and wide. It distributed about 30 percent of the nation’s magazines to more than 32,500 stores. The New York Post reports that the distributor’s closing will impact Time Inc. — which publishes popular titles like Sports Illustrated and People — the most. Without Source, the publisher said it expected to see operating cash flows drop by $12 million.

Source Home Entertainment, parent of Source Interlink Distribution, reported liabilities of $290 million and revenue of $600 million in a recent filing. The company listed assets of $205 million.

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.

Morning Media Newsfeed: Clinton Begins Media Tour | NYT Magazine Adds Wasik

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Diane Sawyer’s Clinton Interview Draws 6 Million Viewers (TVNewser)
According to preliminary Nielsen data, Diane Sawyer’s interview with Hillary Clinton averaged 6.079 million viewers in the 9 p.m. ET hour Monday night. Sawyer had the first interview with Clinton as the former Secretary of State began her press tour for Hard Choices, out Tuesday. FishbowlDC ABC led CBS and NBC in viewers for the hour. On top in ratings Monday night was Fox, which aired 24 and averaged 6.333 million viewers in the 9 to 10 p.m. hour. Deadline Hollywood However, the interview drew a 1.0 in the demo, finishing last in the 9 p.m. hour among the Big 4 networks. CNN Clinton also appeared on ABC’s Good Morning America Tuesday to promote her book. Hard Choices is about Clinton’s years as President Barack Obama’s first secretary of state, which she stepped away from early last year. In her ABC appearances, she honed what is likely to be her book tour message — one of a thoughtful diplomat who is prepared to reintroduce herself to voters, especially women. With her book lining the walls of booksellers nationwide, Clinton also stopped at a Barnes & Noble in Manhattan Tuesday for her first book signing of the two-week tour. NBC News While Clinton has been traveling the country doing paid speeches in recent months, this book tour will put her on a much more rigorous — and campaign-like — schedule. She will visit at least 15 different cities over the next two weeks, including Washington, Philadelphia, Seattle, Los Angeles, Kansas City and Austin. Plus, she is doing a host of television interviews to promote the book, including with NBC News, CBS News, CNN and Fox News.

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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]

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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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. Once Owned a Forest

Time Inc. is officially splitting off from Time Warner today, so we thought it’s the perfect moment to remind everyone that the publisher once owned a forest. Yes, as in that place with trees and grass and stuff.

According to Ad Age, in 1952, Time Inc. purchased a wooded area in Texas because executives “figured they’d benefit from owning the very trees required to print magazines like Time, Life and Fortune, and they got a kick out of the way east Texans did business.”

Of course all good things — and dumb things — eventually come to an end. In the early ’80s Time Inc.’s execs came to their senses and spun the forest product company off.

Here’s hoping the next chapter of Time Inc.’s life includes at least one more odd purchase. Perhaps a windmill?

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.

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