Most Recent Articles In Memo Pad
Latest Memo Pad Articles
MEMBERSHIP EXPIRED: New York Magazine and American Media Inc. have dropped out of the Magazine Publishers of America, according to a Thursday report in Advertising Age, following a decision by Hachette Filipacchi Media to also forgo MPA membership this year. The decision for the publishers comes as most are tightening their budgets and eliminating costs where possible to bear down in the midst of the recession. Membership dues to MPA are based on a publisher’s advertising revenue and circulation. AMI has been in financial chaos in recent years, but earlier this month the company completed a financial restructuring that gave bondholders a majority of the company’s common stock and avoided the near-term threat of filing Chapter 11. Nonetheless, on Thursday, AMI posted a $190.7 million loss for the third quarter ending Dec. 31, compared with a loss of $13.9 million the prior year. The company recorded a $217.8 million noncash impairment charge during the period. Total operating revenues for the quarter were down almost 12 percent to $101.3 million.
Meanwhile, New York said of its decision: “At the time we were asked to rejoin MPA for 2009, we knew the industry was going to have a difficult year and that we would have to allocate our resources carefully. While we decided to sit out 2009, we hope to be back with the MPA in the future.” The move does not affect Adam Moss’ board position on the American Society of Magazine Editors, the editorial division within the MPA. He, along with Elle editor in chief Robbie Myers, will remain board members through April, when members vote on officer positions at the annual meeting.