Shutters Sunday Magazine
The Los Angeles Times Media Group is pulling the plug on its Sunday magazine, LA, Los Angeles Times Magazine, as president and COO Kathy Thomson cited “a very challenging environment.”
The last issue is set for June 3.
The magazine, which switched from weekly to monthly publication in 2008, will print a final issue on June 3.
“The entire magazine industry has been faced with a very challenging environment," Thomson wrote in a memo which ran in the Times. “We are not immune to the challenges.”
Thomson said the Times is developing a quarterly centered on fashion, style and luxury. Those are key markets supporting Sunday magazines at the New York Times and Wall Street Journal.
STEIGER TO STEP DOWN AT PROPUBLICA
Paul Steiger, 69, is stepping down Jan. 1 as editorin-chief and CEO of ProPublica, the non-profit investigative reporting outfit.
He earned total compensation of $590,119 in 2010, according to the group’s tax filing.
ProPublica managing editor Stephen Engelberg will take the e-i-c title and general manager Richard Tofel will step into the president position. The pair will share the chief executive title. Engelberg earned $376,276 and Tofel made $347,666 in 2010.
The 54-year-old Engelberg worked 18 years at the New York Times and was managing editor of The Oregonian before joining ProPublica. Tofel, 55, is a former assistant publisher at the Wall Street Journal.
Steiger, who was managing editor of the WSJ, will transition to the executive chairman post at ProPublica, concentrating on fundraising and strategy.
ProPublica recorded $10,224,662 in 2010 total revenue. That was up from $6,367,046 from the earlier year.
It began 2010 with $1,763,323 in net assets and wrapped up the year at the $2,847,703 mark.
NYTC DUMPS RED SOX
The New York Times Co. has sold its last remaining stake in Fenway Sports Group, owner of the Boston Red Sox, to multiple buyers, according to a Securities and Exchange Commission filing.
The company received $63M from multiple buyers and will record a $38M second-quarter gain.
FSG properties also include Liverpool Football Club, which plays in England’s Premier League; 80 percent stake in New England Sports Network regional cable network, and Roush Fenway Racing Nascar team.