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Newsweek publishing mainstay has to change 2013 to stay in the "game"
Category: GENERAL
Tags: newsweek magazine sidney hartman daily beast barry diller

 

Newsweek to cease print, go digital-only in 2013

 

(Newsweek)

After years of losing money, Newsweek announced on Thursday that it will stop printing its magazine and become a digital-only publication.

"Newsweek will transition to an all-digital format in early 2013," editor Tina Brown wrote in an email to employees early on Thursday. "As part of this transition, the last print edition in the U.S. will be our December 31st issue."

The new all-digital publication, called Newsweek Global, "will be a single, worldwide edition," Brown wrote. The e-magazine will be supported by paid subscriptions and made available for e-readers for both tablet and the Web, with some content available on The Daily Beast.

More from Brown's email:

We are transitioning Newsweek, not saying goodbye to it. We remain committed to Newsweek and to the journalism that it represents. This decision is not about the quality of the brand or the journalism, that is as powerful as ever. It is about the challenging economics of print publishing and distribution.

The inexorable move to an all-digital Newsweek comes with an unfortunate reality. Regrettably we anticipate staff reductions and the streamlining of our editorial and business operations both here in the United States and internationally.

In 2010, the Washington Post Company sold Newsweek to audio equipment magnate Sidney Harman for $1 plus the assumption of the magazine's estimated $40 million-plus debt.

Later that year, Harman struck a deal with Brown, editor of The Daily Beast, and Barry Diller's InterActiveCorp (IAC) to run the business. Harman died in April 2011 at 92, leaving his ownership stake to his estate.

[Related: Tina Brown defends controversial Princess Di Newsweek cover]

In July, Harman's family said it would no longer invest in the 79-year-old magazine, leaving Diller and the Beast in full control. During a conference call with investors several weeks later, Diller hinted that the newsweekly—with a circulation of 1.5 million—would soon be a digital-only publication.

"The transition to online from hard print will take place," Diller said. "We're examining all of our options. ... The brand is good. What's the problem? The problem is manufacturing and producing a weekly newsmagazine. That's going to have to be solved. Advertising in this category is entirely elective. The transition will happen."

IACwhich also owns Match.com, Ask.com and CollegeHumor.comgenerates most of its revenue from digital properties.

[Related: Did Brown choose Michele Bachmann cover photo to make her 'look crazy'?]

According to Bloomberg.com, Newsweek is projected to lose as much as $22 million this year. In 2011, ad pages for Newsweek fell 16.8 percent, according to the Publishers Information Bureau—a dismal year following an even worse 2010, when ad pages plummeted nearly 20 percent.

Since taking the reins, Brown, former editor of Vanity Fair and the New Yorker, has put her stamp on Newsweek. She has produced controversial print covers (imagining what Princess Diana would have looked like at 50, for instance, declaring Barack Obama to be the "first gay president" or provoking outrage over with its "Muslim Rage" cover) in a bid to prop up newsstand sales, create buzz and be part of what she likes to call "the conversation."

According to the Audit Bureau of Circulations, those efforts proved futile, at least at the newsstand. Through June, Newsweek's single-copy sales were down 10 percent compared with the first half of 2011, selling an average of 42,065 copies per issue.

 

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Category: GENERAL
Tags: income producing asset website communications promoting

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Knowledge is Not Enough It is How you Apply your knowledge
Category: GENERAL
Tags: rich dad poor dad robert kiyosaki bankruptcy rich global

Hello Community,
This article reaffirms that you must "do you homework" when forming business partnerships.
Make sure your terms of agreement are clear.  Things and People change.
Even knowledgable people have "deals" go "bad".
Learn and apply!!

 

Rich Global LLC seeks bankruptcy protection
Financial guru's company suffered $24 mil court loss
by Russ Wiles - Oct. 10, 2012 07:02 PM
The Republic | azcentral.com
.

One of the Scottsdale companies owned by "Rich Dad Poor Dad" financial-help author Robert Kiyosaki has filed for bankruptcy protection after a New York City jury handed down a $24 million judgment against it.

Rich Global LLC listed assets of about $1.8 million against liabilities of $25.9 million in the Aug. 20 filing in U.S. Bankruptcy Court in Wyoming. Most of the liability, $23.7 million, reflected the July verdict, plus interest, in favor of Learning Annex Holdings and founder and Chairman Bill Zanker.

The legal dispute centered on work Learning Annex said it performed in developing a seminar business for Rich Global, along with a share of profits. New York-based Learning Annex produces courses featuring high-impact speakers such as Suze Orman, Deepak Chopra, Donald Trump and others.

 Zanker said he met Kiyosaki when the latter was an "unknown author" speaking at "Holiday Inns to groups of 20 or 30 people." Zanker said he helped promote Kiyosaki "all the way to Madison Square Garden, where he spoke in front of thousands."

But Zanker said Kiyosaki reneged on the payment agreement.

In a response, Shane Caniglia, president of a sibling company, Rich Dad Co., said Rich Global has been dormant for more than two years. "The Rich Dad Co. is not filing for bankruptcy," he said. "The Kiyosakis are not filing for bankruptcy."

A jury in July 2011 had awarded $14.6 million in damages to the Learning Annex, but the court granted a new trial. A second jury awarded $15.9 million in April 2012. Zanker noted that the final judgment of nearly $24 million included interest and was more than he sought.

The Rich Global-Learning Annex relationship dated to 2001, when Kiyosaki became a featured speaker at Learning Annex expositions. Four years later, the companies agreed to "develop and conduct the free seminar business with follow up fee-based courses," according to court papers.

Rich Global broke off the relationship in 2006, then formed a business relationship with Whitney Education Group to pursue the seminar business. That generated sales of $438 million, of which Rich Global got nearly $45 million in royalties, court documents said.

Other Rich Global creditors included the Internal Revenue Service, the Arizona Department of Revenue and the law firm Quarles & Brady in Phoenix. Most of Rich Global's listed assets, $1.78 million, reflected notes receivables from Kiyosaki and his wife, Kim.

Zanker believes Rich Global had much higher assets. "So we'll fight in bankruptcy court to find out what happened to all that money," he said.

Kiyosaki paid an undisclosed sum to settle a 2008 lawsuit by his former co-author, Paradise Valley CPA Sharon Lechter, who sold all her interests in the Rich Dad enterprises to the Kiyosakis.


Read more: http://www.azcentral.com/business/articles/20121010rich-global-seeks-bankruptcy-

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