Michael Clinton, Hearst's Billion-Dollar Man

After being very publicly passed over for the top job inside the Tower, one could argue the 30-year publishing veteran's career is going better than ever.

Michael Clinton

Michael Clinton

Photo By Thomas Iannaccone

Looking at Michael Clinton, you’d never know he has the best chin in publishing.

It was a mere 18 months ago that many questioned whether his career at Hearst Magazines was over. Clinton had been very publicly passed over for the top job at the publishing company in favor of an outsider — and one from Hearst rival Condé Nast, no less: David Carey.

But Clinton, a 30-year publishing veteran, has had plenty of practice at taking a proverbial punch, shaking it off and bouncing back. Since his very public pass over, he’s been promoted to president, marketing and publishing director and one could argue his career is going better than ever. He is responsible for overseeing $1 billion in annual revenues from 17 magazine titles, including Harper’s Bazaar, Marie Claire, Esquire and O, The Oprah Magazine. In March, he joined the board of 21 directors of Hearst Corp. A month later, he became chairman of the MPA-The Association of Magazine Media.

Clinton made his name in the publishing industry at Condé Nast, becoming the youngest publisher at GQ before rising to vice president of corporate sales, then a new position at the company. But he was dismissed after 13 years, the blow handed to him by then-chief executive officer Steve Florio on the orders of chairman S.I. Newhouse Jr. At the time, insiders said Clinton took the fall for leaks to the press about the inner workings of Condé.

Shortly after his ignominious exit, Hearst Magazines’ newly installed president Cathleen Black called and said she wanted to meet Clinton for a drink at Mickey Mantle’s, a touristy sports bar on Central Park South. Black was trying to make the company more modern, to “blow the dust off the curtains,” and a headhunter had pointed her to Clinton.

“We had this immediate connection and it wasn’t long before we were talking about where we came from and where we went to college,” Black recalls. “After an hour and a half, I wrote out a deal on a cocktail napkin with his salary, title, that kind of thing. People don’t do things like that anymore.”

The shidduch was a success, as Clinton was initially charged with reshaping the corporate group at Hearst and, within a year, also took on five magazines as group publisher. He followed the formula he’s adopted throughout his career: He was polished and smart, direct with Black and unfailingly charming — yet Machiavellian and cutthroat when it came to the competition. Black liked what he was doing and eventually had him oversee the publishers of all the magazines. While working with Black, Clinton was involved in acquisitions of Seventeen, shelter title Veranda and joint publishing partnership agreements for O, The Oprah Magazine and the instant 2008 hit, Food Network Magazine.

Over a recent lunch of mini sandwiches and pasta salad in his 43rd-floor office of Hearst Tower overlooking Central Park, Clinton was unfailingly polite and apologized profusely for running a few minutes late, even though he was coming from Evelyn Lauder’s memorial service. He quickly sat down and was ready to talk, not even providing a moment’s pause before thoughtfully answering a laundry list of questions about his career. The answers can roundly be summed up like this: “My goal is to always win as best we can in the right way.”

His competitors see it differently. “He’s cultivated an image of being well liked by people and he fosters that because any comment that is sideways, he’ll go straight for the jugular,” said one insider. “Like I’ve never seen.”

He worked closely with Black for more than 10 years. They complemented each other. She was the tough decision maker, he was the voice of reason. Publishers inside the Tower thought it was a foregone conclusion Clinton would succeed Black as the magazine division’s president. They had mentally prepared for it. But Hearst ceo Frank Bennack had other ideas.

In June 2010, when Black was named chairman of Hearst, it was Carey, then Condé Nast group president, who succeeded her. Clinton was furious, those inside the company now say, and threw a major temper tantrum in the office. After all, he had played the corporate game well and was well liked by Hearst brass. He — and many others — thought he deserved the top slot. Observers inside and outside of Hearst thought he’d jump ship — or quickly be pushed out by the equally ambitious Carey.

“The first two days were really weird; it was just uncomfortable,” said one publisher at Hearst. “We all thought Michael would leave. We didn’t know what would happen.”

But Clinton did what he seems to do best: recomposed himself, put his nose to the grindstone and pressed on. The Carey-Clinton relationship has worked. Bennack promoted Clinton — and made it financially worth his while to stay on.

“You also have to give David some credit here,” said another publisher. “Most guys wouldn’t have enough confidence to keep a guy who is also qualified to do that job [president]. I think [David] realized that if this is going to move forward, it will take the two of us. But everyone sees Frank as the big winner here. He got them to work together.”

Carey is quick to praise Clinton. “He’s our $1 billion man — you can write that,” he said.

Executives at Hearst declined to comment on the record about the working relationship between Carey and Clinton. “Carey seems to spend a lot of time thinking about the future, thinking about the digital space,” said one insider. “He is very cerebral. Michael is really smart, but he likes to roll up his sleeves and be with the clients. He gets on a plane to Detroit the way I get in a cab and head downtown.”

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