Meredith Combines Two Magazines, Sells TIME and Will Cut 200 Jobs

This has been a big week for Meredith Corporation (NYSE: MDP). Last week, Meredith announced it would merge Cooking Light and EatingWell magazines to

Subscription News: Meredith Combines Two Magazines

Source: Meredith

This has been a big week for Meredith Corporation (NYSE: MDP). Last week, Meredith announced it would merge Cooking Light and EatingWell magazines to create one product with a combined circulation base of 1.775 million. Hailed by Meredith as the largest magazine in epicurean history, the new subscription product will retain the EatingWell brand and relaunch in the January/February 2019 issue, the first of 10 issues each year.

“Combining the powerful EatingWell and Cooking Light magazines will strengthen our editorial product while providing advertisers with access to this passionate group of consumers seeking a healthier lifestyle,” said Carey Witmer, executive vice president and group publisher of the Meredith Food Group. “We believe an enhanced EatingWell best positions Meredith for continuing success and will drive sustainable growth.”

The new, enhanced publication will be run by EatingWell editor-in-chief Jessie Price.

Witmer and EatingWell publisher Tiffany Ehasz will magazine ad revenue for the new, combined magazine. The EatingWell editorial team will remain in Vermont. Based in Biringham, Alabama, Cooking Light will become a special interest, newsstand-only magazine in 2019 and the initial plan is to publish the magazine six times a year. The 31-year-old magazine will publish its last subscription-based issue in December. After that, it will not be available by subscription.

“Consumers today want to eat better and feel good about their food choices. The new EatingWell magazine will combine the best of both brands to reinforce and celebrate how healthy food is now a part of everyday life for a mainstream audience,” said Price in a news release. “I’m so proud of the work our editorial team has done, and I’m excited to share its top-notch content with even more readers.”

EatingWell.com and CookingLight.com will operate separately, as will branded businesses under those titles, including licensing and cookbooks. The two websites draw close to 6 million unduplicated unique monthly visitors.

 Sells TIME and Will Cut 200 Jobs

Source: Meredith

On Sunday, Meredith announced more big news – the company will sell the TIME Media brand to Marc and Lynne Benioff for $190 million in an all-cash transaction. Marc Benioff is the co-CEO and founder of Salesforce. The deal is expected to close in the next 30 days, assuming the transaction clears all regulatory hurdles. Meredith will use the proceeds from the sale to pay down debt. According to a Meredith news release, the Benioffs will not participate in the day-to-day operations or editorial decisions of TIME.

TIME has more than 100 million print and online readers, including 50 million digital visitors and 40 million social media followers. Meredith acquired TIME as part of its Time Inc. purchase in January of this year. Meredith said it would sell TIME, Sports Illustrated, Fortune and Money to focus on its core audience – American women.

“We’re pleased to have found such passionate buyers in Marc and Lynne Benioff for the TIME brand,” said Tom Harty, Meredith President and CEO in a news release. “For over 90 years, TIME has been at the forefront of the most significant events and impactful stories that shape our global conversation. We know TIME will continue to succeed and is in good hands with the Benioffs. We thank the TIME team for its ongoing hard work and passionate commitment.”

“We are honored to be the caretakers of one of the world’s most important media companies and iconic brands,” said the Benioffs in a statement. “TIME has always been a trusted reflection of the state of the world and reminds us that business is one of the greatest platforms for change.”

In addition to these changes, Meredith is reportedly cutting 200 jobs across the country, says Media Post.

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