Time Inc, Gone / by Muhammad Amir Ayub

From the New York Times:

In 1929, the year of Mr. Hadden’s sudden death, Mr. Luce started Fortune. In 1936, he bought a small-circulation humor publication, Life, and transformed it into a wide-ranging, large-format weekly. Later came Sports Illustrated, Money, People and InStyle. By 1989, with more than 100 publications in its fold, as well as significant holdings in television and radio, Time Inc. was rich enough to shell out $14.9 billion for 51 percent of Warner Communications, thus forming Time Warner.

The flush times went on for a while. But then, starting about a decade ago, the company began a slow decline that, in 2018, resulted in the Meredith Corporation, a Des Moines, Iowa, media company heavy on lifestyle monthlies like Better Homes and Gardens, completing its purchase of the once-grand Time Inc. in a deal that valued the company at $2.8 billion. The new owner wasted no time in prying the Time Inc. logo from the facade of its Lower Manhattan offices and announcing that it would seek buyers for Time, Fortune, Sports Illustrated and Money. The deadline for first-round bids was May 11.

Continue reading it to get an idea of the culture of excesses and affairs before it's decline by not adapting to the Internet.

I remember during the start of my debating years, I started off reading Time and/or Newsweek (another much fallen "giant" of the times, subscribed by my father), before you'd get serious and start reading the Economist and researching issues online via Google.

It's clear that the Internet has claimed many traditional media entities as its prey.

(via Daring Fireball)

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