Standard & Poors has removed Penton Media from its CreditWatch program and affirmed the company’s ‘B’ credit rating. This comes only a little more than a month after Penton called for a salary and hiring freeze, as well as launching a company-wide revenue reforecasting. Despite all this, Penton’s first quarter revenue increased 11 percent, presumably due to its merger with Prism Business Media Holdings. Folio (July 1, 2008)
The first overseas edition of Martha Stewart Wedding launches in the Philippines in September, as a joint venture with Summit Media. Summit Media, a Manila-based media conglomerate, represents more than 23 titles, including the Philippine editions of Cosmopolitan, Marie Claire, Seventeen, FHM and Good Housekeeping. Women’s Wear Daily (July 2, 2008)
Hearst Magazines announced that it will shutter Quick & Simple magazine effective with the July 29th issue that is currently on newsstands. The company will instead shift its focus to the 300,000-circulation magazine’s “newly enhanced Web site.” A representative for Hearst said that the company was still “committed to introducing and acquiring print titles, investing in our established ones” and growing its digital media unit, which includes 23 Web sites and nine mobile sites. Folio (July 1, 2008) Portfolio (July 1, 2008) MediaPost (July 2, 2008)
Magazine pioneer Clay Felker, the founder of New York Magazine, which begat like-minded titles in cities around the country, has died at 82 years old. The news was first announced on New York Magazine’s website today. (The photograph of Mr. Felker at left is from 1976.) The New York Times New York Magazine (July 1, 2008)
White Plains, NY-based yogurt maker Dannon last fall assembled a “shelf-obsession team” to press its case for expanded display space at retail. The special-operations-type unit supports existing sales teams with account-specific market research and merchandising concepts gleaned from Dannon’s global operations. Sure to be among their oft-cited research is that the dairy category comprises 9% of grocery store sales, while occupying just 3% of space, and that yogurt sales are growing 6.3% a year. The shelf-obsession team’s tactics include field trips to retail locations in Europe, where annual per capita yogurt consumption can run three to five times the 11 pound figure here in the United States. Brandweek (July 1, 2008)
Hair magazine has undergone a complete redesign, with hopes of “bringing an edgier, glossier option to the hair market.” The change comes as former First editor Jane Ennis has become a major consultant for the magazine. Hair’s main sections now include celebrity styles, a six-page section examining a new hair trend from every aspect, and an in-depth step-by-step hair guides. Guardian (July 1, 2008)
Vogue Living, the shelter spin-off of Vogue, published a spring issue and had planned to publish a fall issue. However, a company spokesperson announced that while a Spring 2009 issue was still under consideration, the fall issue would not go forward in the current ad climate. Women’s Wear Daily (July 1, 2008)
R.R. Donnelley has recently settled their dispute with an Illinois-based workers union over charges that the printer was spying on employees and threatened them in retaliation for organizing with teamsters. George Tedeschi, the Teamsters International vice president and GCC president said, “Our victory should give aid and comfort to the thousands of other R.R. Donnelley employees who are planning to become members of the GCC.” Folio (June 30, 2008)
American Media Inc., announced its fiscal 2008 revenues were $491 million, up about 4 percent over 2007. The publisher attributes its year-end revenue increase to ad revenue gains at Shape, Star and Men’s Fitness magazines, which all increased from 10-21 percent. Folio (June 30, 2008)
Instead of painting a perfect world, advertisers are striking a cord with anger to relate to consumers. Advertisers know that Americans are nearing their last nerve when it comes to our wallets and they’re trying to capitalize on these emotions. Jackson Hewitt ran an ad featuring people fed up with their taxes. Southwest Airlines has an ad showing people who are sick of paying petty airline fees. People are dealing with a lot of negative things and that’s why we’re seeing so many ads with people flipping out and showing their frustrations. ABC News via Yahoo Video (July 1, 2008)