Time Inc. restructures business and finance ad sales
Time Inc. has re-organized its business and finance network, placing individual publishers in charge of Fortune and Money. The new network will be called the Fortune Money Group.
The restructuring is the company's response to sharply declining ad sales. Ad pages at Money are down 25.7 percent for the first half of this year, while Fortune's are lagging 17.5 percent behind last year's numbers, per the PIB. Another Time Inc. business title, Business 2.0, will shut down after its October issue, partly due to its declining ad sales.
The Business and Finance Network, which includes Fortune, Money, Fortune Small Business and CNNMoney.com, previously followed a group ad sales strategy. The Fortune Money Group will maintain a group sales team, but will focus on creating individual brand identities within the Group.
Hugh Wiley, former group associate publisher of the Network, has been named publisher of Fortune. Brett Wilson, previously associate publisher/North America for Time magazine, is now the publisher of Money. Both men will report to an as-yet-unnamed executive responsible for print and digital revenue across the Fortune Money Group.
CNNMoney.com hired Alan Ives as new VP of sales. Ives joins Time Inc. from ABC, where he was VP of ABC digital media sales.
As part of the reorganization, Mike Dukmejian and Lisa Bentley, the group publisher and group associate publisher for the Business and Finance Network, are leaving Time Inc.