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BRAGGING RIGHTS: Hearst magazine president David Carey brought what he called “show and tell” to his keynote interview with reporter Brett Pulley at the Bloomberg Media Summit in New York on Wednesday morning. “This is the Chinese edition of Harper’s Bazaar,” he said, lifting an inches-thick magazine off the coffee table on stage. “It is the number-one fashion magazine in China. It is much bigger than the U.S. edition,” he said. He thumped the magazine back down on top of Cosmopolitan Mongolia.
Carey was bragging about Hearst’s position in the international market following the company’s acquisition of 102 titles from Lagardère SA. “We end up with Cosmo and Harper’s Bazaar and Marie Claire and Elle in the Chinese market, and that’s a terrific platform to have in a country that’s that important,” he said. When the deal makes it past regulators, Carey said that Hearst will be making half of its money overseas and half in America — “something every ceo wants.”
Carey wouldn’t say much else about the deal. He explained that there aren’t yet plans to move the Hachette titles out of former Lehman Brothers offices in the Time-Life Building, just down the street from News Corp. in the beige Avenue of the Americas canyon, and into the Hearst Tower on Eighth Avenue off Columbus Circle where, he said, he sees tourists almost everyday admiring the entrance to the building on his way out of work. “I would say that over a period of time it would be great if the brands could be — if not in the tower, closer to the tower — but that’s going to take many years to unravel,” he said. “Leases are signed and these are big blocks of space, so I don’t expect that happening soon.”
— Zeke Turner