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WSJ Targets NYT's Luxury Advertisers; NYTCo Stock Hits New Low On Ad Worries
The increasingly Murdochized WSJ has been aggressively trying to lure NYT's luxury advertisers in much the same way the financial newspaper has been trying to broaden its coverage to grab its rivals general news readership. For example, high-end retailer and long-time NYT ad client Saks Inc. has recently been promoting a new Chanel boutique and men's suit sale in WSJ, Milton Pedraza, CEO of market researcher Luxury Institute, points out to Bloomberg. WSJ is definitely taking away luxury ad dollars from the NYT, both on the print and digital sides, Pedraza told me. Although luxury marketers are shifting more of their declining overall ad spend online, the fight over the category will become more intense he expects.
-- Another body blow: The fact that WSJ is invading territory that NYT once had mostly to itself is another difficult blow for the newspaper company. It's already been a rough week for NYTCo (NYSE: NYT), which was forced to trim its dividend significantly. Also, on Friday afternoon, NYTCo's stock was down nearly 12 percent to just above $5.10, which Marketwatch noted was new low. The dividend cut was a taken as a sign that the company saw no turnaround in the increasingly challenging ad market anytime soon.
-- List of shame: NYTCo's stock is now seventh on a "list of shame" that ranks S&P 500 stocks trading at or below book value, Fitz&Jen report, citing Zachs Investment Research analyst Charles Rotblut's ranking. The dubious distinction applies to companies that Zachs rates as a "buy" —as the NYTCo is—or "strong buy." Rotblut says NYTCo's multiple is trading slightly above book value at $1.03.
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The Latest Iteration Of Honey Magazine
Urban lifestyle publication Honey Magazine, which has had something of a tortured history, is back again, but in a new format: Honeymag.com, slated to go live in Q109, will blend fashion, entertainment and other content (including video) with social-media features from as-yet-unlaunched sister site TheHiveSpot.com. Parent company Sahara Media Holdings, Inc. actually rolled out a version of Honeymag.com in June 2007, though it mostly served as a central hub for about 35 blogs.
Founded by Harris Publications, Honey Magazine changed hands a few times. Vanguarde Media acquired it in 1999, then ceased publication when it filed for bankruptcy in 2003 (via NYT). Sahara Media picked up the brand for $600,000 in 2005, and has since invested about $3.4 million into Honey and its proposed digital offshoots like Honey Hair and Honey UK. Honey had attracted well over 1.5 million readers before its demise—and Sahara plans to leverage the former subscriber database to help entice online advertisers. Major competitors in the space include Glam Media's Black Life division (headed by a former Sahara Media exec) and Vibe magazine offshoot Vibe Vixen.
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Industry Moves: News Corp Re-Ups Ailes For Five Years
A senior News Corp (NYSE: NWS) exec has a new deal with the company and it's not Peter Chernin. Roger Ailes, who had two years to go on his current agreement, has a new five-year lease on life at News Corp which starts immediately. He will continue as chairman and CEO, Fox News, and chairman, Fox Television Stations. Ailes also retains his other, influential role as a senior advisor to News Corp chairman and CEO Rupert Murdoch on television and news. Ailes joined News Corp in 1996 to launch FNC, adding Fox Television Stations and Twentieth Television to his portfolio in 2005. He also is chairman and CEO of the Fox Business Network, which launched last year.
The new employment agreement has not yet been filed with the SEC. According to previous filings, Ailes' compensation for FY08 included a $4.5 million cash bonus based on FNC's performance and a minimum annual bonus of $1 million on top of an annual salary of $5 million. Including stock awards, his FY08 compensation was $19.9 million. Release.
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AP to Cut 10 Percent of Jobs in 2009; Mainly Through Attrition
Associated Press, one of the largest news organizations worldwide, is planning to reduce its workforce by about 10 percent of its workforce in 2009, reports Reuters, citing an internal "town-hall" meeting at the company. AP employs about 3,000 journalists, and a total of about 4,100 people worldwide, which means the reduction would be about 400 employees. According to an AP statement: "The Associated Press, like virtually every business in the world, is defining strategies for operating in these complex and difficult financial times. All areas and ways of doing business are being reviewed. The AP, which recently instituted a strategic hiring freeze, may need to reduce staff over the next year. If so, it hopes to achieve much of the reduction through attrition."
These cuts come at a time when AP is restructuring the company, and has also revised its rates after protest from its member newspapers. The co-op, facing defections from members large and small, announced in October that is planned to cut member assessments by another $9 million next year, for a total of nearly $30 million, and would start an examination of its member structure that could result in a complete overhaul. These cuts are likely a result from that overhaul.
Lots more about AP, the controversies and rate changes here in our special section.
Social Media Deals Report: This 199-page report, filled with charts and data, examines the categories, number and size of VC and M&A deal in social media from 2007 through 2008. Visit the ContentNext Reports page
Industry Moves: WaPo Veteran Grayer Retiring As Kaplan CEO
Jonathan Grayer is resigning as chairman and CEO of the Washington Post Company's Kaplan Higher Education unit after 17 years in the role. His replacement is Andrew Rosen, who has served as COO since Grayer became CEO in 1992; he's been with the company since 1986. While WaPo is mainly known for publishing the Washington Post and Newsweek, it's the Kaplan unit that's been the prime revenue driver lately. The education division produced revenues of $602 million in Q3, more than half of WaPo's total $1.1 billion. Year-to-date, the Kaplan segment revs rose 15 percent to $1.7 billion, while during the same period, WaPo's total revs grew only 8 percent to $3.2 billion. Release
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Dow Closes Below 8,000 For First Time In Five Years; ContentNextDex Drops To Lowest Since '07 Launch
The Dow, with its first sub-8,000 close in five years, wasn't the only index with a record-you-don't-want day: the ContentNextDex, our own index of media, tech, mobile and entertainment stocks, dropped nearly 6 percent to 507.32—the lowest close since we launched it officially in September 2007. Compared with the year's high of 1,076.02, that's a staggering 47.68 percent loss year to date. The ContentNextDex performance hovered between the Dow's 5 percent drop to 7,997 and the S&P 500's loss of 6.12 percent.
ContentNexDex is a flood of red with Yahoo (NSDQ: YHOO) snugly in the top five losers thanks to Steve Ballmer's most recent public repudiation, down 20.8 percent to $9.14. Media General (NYSE: MEG) lost nearly 30 percent of what was left of its value, closing at $2.96. Fellow newspaper publisher McClatchy (NYSE: MNI) wasn't far behind, down nearly 22 percent to $1.51. Together, the combined market cap doesn't come close to $200 million—$152.8 million to be exact. Sirius XM (NSDQ: SIRI) Radio is close to non-existence at 16 cents per share with a market cap of $515 million. In all, 30 stocks—just under one third of ContentNextDex—closed with double-digit losses.
How did some other big names fare? Google (NSDQ: GOOG) dropped 5.8 percent to $280; Clearwire (NSDQ: CLWR) and Sprint (NYSE: S) each lost about 13 percent, closing at $5.80 and $1.88 respectively; New York Times Co. (NYSE: NYT), down 10.3 percent to $6.35 (those dividends are looking even iffier); and News Corp (NYSE: NWS) dropped 4.8 percent to $6.55. Among the market cap leaders, NBC Universal (NYSE: GE) parent GE fared the worst with a 10 percent loss, closing at $14.45 while Microsoft (NSDQ: MSFT) lost a mere 6.7 percent, closing at $18.29. For the gainers, the only one with volume really worth noting was DivX (NSDQ: DIVX), which sued Yahoo earlier this week. It finished the day at $4.39, up nearly 2 percent (but it's down nearly 21 percent for the week).
As for tomorrow, channel Bette Davis and fasten your seat belts for a bumpy ride.
Media General and NYTCo smacked by Harbinger as well: AP does a good job of explaining how some complicated actions by hedge fund Harbinger Capital Partners to limit its interests in NYTCo and Media General helped push those stocks to their lowest levels in decades during today's trading. Harbinger invested and agitated its way onto the boards of the two newspaper publishers earlier this year.
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Local TV Stations Are Facing Severe Cost Pressures—Here's How They Should Cut
NBC Local and Fox announced last week their plan to pool resources to cover local news in certain markets, an encouraging sign that TV stations are beginning to understand the desperate need to rationalize their massive newsgathering costs. Is there too much local TV news? I think yes, and it's a warning bell I've sounded for some time.
Way back when, there were three network affiliates in a market, and each produced one to several local newscasts a day. Those newscasts were typically the most profitable parts of the day for TV stations, as they kept all the revenues. Driven in particular by growth in auto, the largest ad category, all was good in local TV land.
Enter new networks and their affiliates and 24-hour cable network news channels, and you suddenly have a surplus of news. (I am clearly ignoring the proliferation of other local media, as TV is less fungible than most mediums). The local ad dollar started to peak a year or so ago, as auto came under inordinate pressure. Growth in local TV news inventory combined with a leaky bucket of ad dollars is a prescription for trouble.
More after the jump
Local marketing agreements (LMAs), shared service agreements and duopolies have proven to be palatable solutions in some markets. While there are many variations on a theme, two stations can share some programming, ad sales, or other costs that help, in my view, reduce the total cost structure in the market, allowing for a better return. That's exactly what NBC Local and Fox are planning to do.
While the economics have certainly changed somewhat since I last analyzed the cost structure of TV stations a couple of years ago, the numbers are still instructive. At the time, a typical large-market TV station with $100 million to $150 million in revenues spent about 20% of revenues on newsgathering. Presuming another 30% of revenues were spent on other operating costs, the station produced a 50% cash-flow margin. As ad revenues have been under pressure, declining at a high single-digit rate this year, it has been harder to keep costs under control. There aren't a lot of costs to get rid of at a station, and an opportunity to reduce newsgathering expenses by half by combining forces with another station can have a meaningful impact on the bottom line.
I think there is considerable risk that some stations won't be viable if the current ad drought continues. Too much local TV news is being produced even in a good ad market, as ad dollars are finite. TV stations have opportunities on line, especially as the market is aggressively pursuing video but we don't think the ad dollars will be great enough any time soon to materially help out any individual station. Local news-sharing arrangements such as the type being rolled out by NBC and Fox are a smarter way to go.
Lauren Rich Fine is ContentNext's Research Director
Photo Credit: skye820
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Meredith Takes Stake In Real Girls Media Network
At a time when many media companies are retrenching, women's magazine publisher Meredith (NYSE: MDP) Corp has pulled out its checkbook and taken a minority stake in Real Girls Media Network. The publisher of Better Homes and Gardens and Fitness wants to use the San Francisco-based women's content and social net aggregator to buttress its 31 websites. In particular, Meredith and Real Girls Media will combine their inventory and sales forces. Also, as part of the investment, Meredith will have access to Real Girls Media's technology and apply its tools to the mag publisher's existing sites. The amount of the stake wasn't disclosed.
Real Girls Media, founded by Kate Everett-Thorp, a WaldenVC venture partner and former president of marketing agency AKQA, raised a $6 million first round of funding two years ago. Among the sites it operates is DivineCaroline, which mixes user-gen and professional content around channels that range from relationships to travel to style. Release
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Time Inc. Expected To Shed 250 Jobs Today; Shutters Cottage Living Mag
Time Inc. will lay off 250 staffers today as part of the 600 job cuts announced last month, the NY Post reports, citing unidentified sources. Meanwhile, Reuters confirmed NYP's report that Cottage Living magazine was being shuttered. A Time Inc. rep confirmed that 47 posts that would be lost in the magazine's closing, but that of those nine staffers at the four-year-old Cottage Living will be reassigned to other Time Inc. properties. The company would not comment on the 250 figure, however.
The cuts come amid a slew of mag closures and layoffs at media companies the past few weeks, including the shuttering of Ziff Davis' PCMag as a print product and Forbes' pulling the plug on its ForbesAuto site, which along with a realignment of its web and print ad sales staffs, left 43 employees out of work this week.
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WebMD, QualityHealth Parent Cancel $50 Million-Plus Acquisition; Ad Pact, Minority Interest Instead
Some consolidation unwinding in the health content area and another deal that won't happen for WebMD ... WebMD Health Corp. and Marketing Technology Solutions, the owner of QualityHealth.com, have "mutually terminated" the acquisition of MTS, a deal announced in September for $50 million in cash plus a possible $25 million earn-out. Instead, WebMD has signed an ad services pact with MTS and acquired a minority preferred interest. WebMD will sell some of QualityHealth.com's ads and provide "limited access" to some of its own inventory. Release.
It's the latest in a series of challenges for WebMD (NSDQ: WBMD). Last month, WebMD and majority owner HLTH Corp. canceled a long-planned merger, citing changes in the credit market among other factors. The company's stock has been on a wild ride, too, swinging from $26.06 on Sept. 15, when the QualityHealth deal was announced, to prices in the $32 range, then dropping to a low of $14.03 on Oct. 16 before climbing back into the $20s, closing Tuesday at $18.63.
WebMD also faces increased competition. Merging QualityHealth.com's 5.5 million uniques with its own network would have helped with the challenge it faces from Waterfront Media's EverydayHealth, which recently merged with Steve Case's Revolution Health LLC. The most recent numbers from comScore (NSDQ: SCOR) Media Metrix put EverydayHealth.com ahead of WebMD in unique visitors, the first time it had dropped from first place in recent memory. But WebMD still claims to be the "leading provider of health information services" through its mix of public and private sites and publications.
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Ziff Davis To Close Print PCMag, Focus On Online; Still Looking For Options For Gaming Division
Ziff Davis, the tech/gaming media company that recently exited Chapter 11 bankruptcy, is now taking the brave but inevitable step of closing down the print version of PCMag to focus its energy on its growing PCMag online network of sites, led by flagship PCmag.com. The magazine, which was started in 1982, has a storied history, but its print base eroded over the years as its core brand of journalism—news you can use while shopping for computers—moved online. It cut back from bi-weekly to monthly earlier this year. PCMag, which literally invented the idea of comparative hardware and software reviews, at one time during the '80s averaged about 400 pages an issue, with some issues breaking the 500- and even the 600-page marks, according to this Wikipedia history.
The last issue will be dated January 2009; the closure will claim the jobs of about seven employees, all from the print production side. None of the editorial employees, who are now writing for the online sites anyway, will be affected. The site will still be called PCMag (with mag remaining in the name), but the online network—which has sites such as ExtremeTech, Gearlog, Appscout, Smart Device Central, GoodCleanTech, DL.TV, Cranky Geeks, and PCMagCast—will now be called PCMag Digital Network, with PCMag.com as its lead property. The company has about 200 employees, and the PCMag division has about 140 employees.
I spoke in detail today with Jason Young, the CEO of Ziff Davis, about this move, the online focus, and the status of the company's more-troubled gaming division.
What he said after the jump
On the online side, he wouldn't disclose the revenues for the PCMag brand, but said it was in "tens and tens of millions" of dollars. He said the revenues on the online side have grown an average of 42 percent yearly since 2001; digital is about 70 percent of the revenues for the PCMag brand, and overall is profitable. He said that despite the economic situation, the PCMag brand revenues grew about 18 percent in Q308, and thinks that it will hold up despite advertising downturn due to the power of the brand. Of course competition is heavy for those shrinking ad dollars, from everyone including other established brands like CNET, to newer ones like Engadget and others.
As for the status of its gaming group, which consists of its 1Up online brand and other gaming sites and EGM print magazine (the only print book left within Ziff Davis), Young said it is considering strategic options for the division. Same is true for its now shuttered DigitalLife consumer tech expo event. The company has tried to sell the gaming division before as well but was not able to find the right buyer then, our sources say.
Update: PCMag will continue to be published as an electronic/digital edition, as editor Lance Ulanoff explains here.
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Industry Moves: CBS Local TV Station Digital Head Leess Leaving
Jonathan Leess, president of CBS (NYSE: CBS) Local TV's digital media group, is packing it in at the end of the year, TVWeek reports. Leess was tasked with helping shift the culture of CBS (and its local stations) from just producing TV content to a constant stream of TV, mobile and Web-based news. During his tenure, visitors have gone from watching fewer than 1 million video streams per month to 25 million per month, and one of the initiatives he spearheaded was a hyperlocal ad network. CBS didn't immediately announce the name of his replacement (or whether they'd be naming one at all) and Leess said he expected to continue working in digital media.
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Can Newspapers Make Money From the Funnies? King Features Is About To Find Out
For newspapers, comics have an intangible value—a small group of readers are devoted to their favorite strips. But in general, newspapers haven't been able to turn that devotion into revenue. Hearst-owned King Features, one of the largest syndicators of newspaper comic strips, thinks it can change that with the launch of an ad-driven portal called Comics Kingdom. The portal will be available for local newspaper websites. So far, King Features has signed deals with the online divisions of The Daily Oklahoman, Milwaukee Journal Sentinel and Albany Times-Union, which served as the beta tester for the service. The portal has 1,500 comic strips daily, including a 30-day archive that readers can e-mail from and comment on. King Features claims that the papers that tested the portal found that traffic and time spent on the sites rose, though it did not offer specific numbers. Release More after the jump
"Arctic Circle" by Alex Hallat appears here on the Milwaukee JS site
-- A good idea, but can it work?: According to research (PDF) from the Newspaper Association of America released earlier this year, 57 percent of adults read comic pages in print. But as Outsell's Ken Doctor told me, comics pages for the print section do not directly generate revenue. The idea of trying to produce ad dollars online from comics is an intriguing one, but he has some doubts. "The question is how valuable that audience becomes. Does it just add to remnant inventory, which newspaper sites have plenty—25 percent+ of their inventory in many cases—of? If so, that doesn't do much, given that remnant is fetching a quarter, a half dollar or a bit more." Aside from the portal, Doctor said he regards United Features' Dilbert animated strip, available as an iPhone app, as a clear example of how comic strips themselves will produce their own revenue. "Recalling that people like just a few comics, delivering those few smartly, embracing the possibilities of the medium, I think has the greatest potential for revenue," Doctor said.
-- All about targeting and premium ads: Ultimately, like online advertising in general, tying ad revenue to online comics will depend on better targeting. Doctor: "Since advertising is all about audience, and targeting going forward, the question will be how well comics audiences can be segmented, through behavioral targeting and other technologies." I also exchanged emails with Alan Mutter, who told me: "A super site of comics sounds like a great idea, so long as the syndicate and newspapers put sufficient effort into selling premium-priced ads. But I wonder about what would happen in markets where competing newspapers have gained exclusive rights it publish a particular strip. When I was working at the SF Chronicle in the mid-1980s, my boss bought comics that we did not run so that other competing papers could not have them." Mutter's not sure how widespread that situation is today, but some markets could find a bit more frustration as they try to use online comics to pick up some more revenue.
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Life Photo Archive Goes Live On Google; Advertising To Follow
The never-ending effort to make every possible cent from Life magazine continues with today's launch of the Life Photo Archive on Google (NSDQ: GOOG) a project nearly two years in the making. The 10 million-plus images—many of them iconic and 97 percent not available to the public before—will show up in searches through Google or directly through http://images.google.com/hosted/life, providing consumers with the kind of access that once was unimaginable. But Time Inc. and Google are looking beyond the cool factor to the revenue potential: Time Inc. wants to drive traffic to the upcoming Life.com joint venture with Getty Images (NYSE: GYI), while Google hopes to finally crack the problems of making money through image search. Time Inc. execs aren't commenting on advertising but I've confirmed that the deal with Google includes revenue sharing for advertising. No confirmation, though, on when that will kick in.
Google has been experimenting with image search advertising but, much like YouTube video, so far hasn't found the right equation. For now, the only obvious revenue stream associated with the archive is sale of "fine art" prints through Qoop.com—the Margaret Bourke-White photo of the Chrysler Building shown above runs $79.99-$109.99 with a black wood frame depending on the size. Google doesn't get a cut of that. As for Time Inc.'s hopes, Life president Andy Blau explains: "We did this deal for really one reason, to drive traffic to Life.com. We wanted to make these images available to the greater public ... everything else from that is really secondary."
About the archive: Time Inc. describes it as "one of the largest scanning projects ever" with millions of images available today and the rest on the way. Some caveats: The images are free for personal, non-commercial use with Time Inc. retaining the copyrights and ownership—and its commercial syndication business. The archive only includes work that Time Inc. owns, so many images that have appeared in the magazine will not show up. (I worked with the magazine for many years and none of the art from assignments with non-staff photographers came up in searches.) The magazine's collection primarily represents the work of roughly 100 staff photographers. Also, the entire archive won't be posted. The hold-backs include some images from Nazi Germany, Blau said, and other photos deemed "extraordinarily graphic." He doesn't expect to post the Zapruder film of John F. Kennedy's assassination, for instance.
Update: Over at the official Google blog, software engineer Paco Galanes writes that only 20 percent of the Life images are online. The post doesn't mention advertising but does pitch framed Life prints as a holiday gift.
Photo credit: Margaret Bourke-White, View of the Chrysler Building which housed TIME offices from 1932-1938. 1937.
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Forbes Moves On Print/Web Merger; Wall Comes Down For Sales Teams; Editorial Combo Completed By '09
Forbes magazine has completed the first phase of its plan to its merge print and digital sides, starting with a combined ad sales force, Valleywag first reported, and we have confirmed. The melding of the editorial sides will be completed early next year. Forbes' integration of print and online has been rumored for some time. While Forbes.com president and CEO Jim Spanfeller has often been mentioned as the head of the unified print and online mag, the streamlined editorial and ad sales teams will report to an "office of the chairman." In addition to Spanfeller, that office also includes Steve Forbes, chairman and CEO of Forbes Media and Timothy Forbes, the company's president and COO, according to a staff memo sent out by Steve Forbes.
I spoke with a high-level source at Forbes who says that the company is moving on the combo now due to a "changing marketplace." In the past, magazines could afford to pay "lip-service to integration," but not any more, was how executives at the magazine company view the decision. The source added that while there will likely be some "efficiencies" identified when the integration is finished, that could mean more layoffs, though no job cuts have been identified yet. On Friday, Forbes.com said its ForbesAutos.com site would be discontinued and its entire staff—no numbers were specified—would be laid off. Additionally, an unspecified number of jobs at ForbesTraveler were also cut, though that site would remain.
Even with those dismissals last week, the Forbes source claimed that "there are more people working here today than a year ago. That's true of the digital side, in particular. And when the integration is finalized and everything's in place next year, that will still be the case."
-- Mediaweek: About 43 individuals lost their jobs as a result of both the Monday sales reorg and the paring down of ForbesTraveler and ForbesAuto.
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UK's Independent Axing Quarter Of Editorial, Says Online Requires Fewer Editors
From our sister site PCUK: Independent News & Media (INM) plans to make about 60 redundancies from its 250 Independent editorial staff by the New Year, in a US-style slash-and-burn that this country has rarely seen outside regionals and magazines. In all, 90 of 424 total staff will go in a bid to save $15 million (£10 million), FT.com says. INM sales fell 14.1 percent in the UK between January and June - with the ad recession biting harder now, it's the staff who are in the firing line...UK MD Simon Kelner: "We have got 1986 working practices and 2008 technology. Reporter's copy can come under five sets of eyes. That is just not necessary with the technology we have now. You can get rid of at least one of those levels of process." More on PCUK.
Social Media Deals Report: This 199-page report, filled with charts and data, examines the categories, number and size of VC and M&A deal in social media from 2007 through 2008. Visit the ContentNext Reports page