Time Inc. is abandoning its midtown Time & Life Building corporate headquarters of the past 55 years for 700K sq. ft. in the former World Financial Center complex in downtown Manhattan across the street from the World Trade Center.
The WFC, which has been recast as Brookfield Place (225 Liberty), is undergoing a $250M upgrade featuring a European marketplace, high-end retail, chef-driven restaurants, water front dining and outdoor entertainment space.
Time chief Joe Ripp said he scouted various sites in NYC and New Jersey before selecting six floors of the Brookfield tower, a decision sweetened by $10M in tax breaks to keep the publisher in the city.
In a release, Ripp thanked Gov. Andrew Cuomo and Empire State Development Corp. for the incentive package that “drove our decision to stay in NYC.”
He touted lower Manhattan as “a new destination for creative businesses.
Time has “ambitious plans for a modern open workspace designed to foster a greater sense of community and collaboration across the company, and it will deliver significant cost savings,” according to its CEO.
The 2015 relocation will cost Time about $125M related to tenants improvements.
Time’s lease on its T&L space expires in 2017.
Time Closes Books on Ex-CEO, EIC
Former CEO Laura Lang, who exited Nov. 2, earned $11.5M during 2013, according to the firm’s proxy statement related to the spinoff.
She’ll continue receiving a $1M base salary through Nov. 15 and be bonus-eligible up to an award target set at $1.8M. The company provided career counseling and outplacement services to Lang through May 2, 2014 at a cost of up to $30K.
Former E-I-C Martha Nelson earned a $6.8M package through the end of last year. Her $1M salary contract with a discretionary bonus of 200 percent base pay runs till yearend.
Meanwhile chief content officer Norm Pearlstine, who joined from Bloomberg Businessweek in Oct. earned $1.6M in overall compensation.
Pearlstine, who was Time’s E-I-C for a decade has a $1M salary.
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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