The Tribune Company (which owns this magazine) will likely complete the spinoff of its publishing business this summer—just as that another old-media titan, Time Warner, does the same.
Here’s what the new companies will look like.
|Tribune Publishing||Time Inc.|
|The stable||Eight metro dailies (Tribune, Los Angeles Times, etc.), Chicago magazine, and other publications||21 national magazines, including once-revered Time, Fortune, Sports Illustrated, and People|
|Revenue||The publishing side’s $1.8 billion revenue in 2013 will drop 1 to 5 percent in 2014, predicts media analyst Ken Doctor.||The $3.4 billion in revenue in 2013 will fall 6 to 8 percent in 2014, Doctor says.|
|The digs||Headquarters will remain at Chicago’s gothic Tribune Tower, which Tribune Publishing will lease from its former owner.||Time Inc. honchos plan to move out of Midtown to the less pricey Battery Park area.|
|Recent bloodletting||Announced last November: 700 job cuts (6 percent of work force) by the end of 2014||500 layoffs (6 percent of work force), which began in February|
|Small world moment||New CEO Jack Griffin held the same title at Time Inc. for six months in 2011 before being ousted||New board member Dennis FitzSimons was the guy in charge of Tribune Co. when it was disastrously handed to Sam Zell in 2007|
|Biggest indignity||A parting gift of a whopping $325 million of debt (Thanks, Peter Liguori!)||Having to leave the iconic Time-Life Building, the company’s home since 1959|
|Potential suitors||News Corp honcho Rupert Murdoch; zillionaire investor Warren Buffett||Rival publisher Meredith may reopen merger talks, the New York Post reports.|
|Expect to see||An L.A. mogul pick off the Times. “A lot of people would like to buy that paper,” says Rick Edmonds, a media business analyst at The Poynter Institute.||Entertainment Weekly shutter its print issue. “It’s pretty thin these days,” Edmonds observes.|
5 days ago