IT will be just weeks before the launch of a new joint venture that will bring together executives from Time Inc., Hearst, Condé Nast and several other major publishers to create a new e-reader for magazines and newspapers.
Rumor now has it that Meredith Corp. is on board, but that could not be confirmed at press time.
“We’re trying to legally and appropriately come together to help create digital content aimed at readers who we don’t reach with traditional ink-on-paper content,” said Condé Nast CEO Charles Townsend, one of the first executives to go on the record about the new enterprise.
Executives said that the companies are not only trying to develop new hardware, but software as well, that is more magazine- and newspaper-friendly than the Amazon Kindle, which renders in black and white and does not replicate four-color ads. They plan to create content compatible with Hewlett-Packard and Sony devices, and the new Apple reader when it is available.
Townsend said it will probably involve the establishment of a “separate entity” to avoid running afoul of antitrust laws.
The work is being coordinated by Time Executive Vice President John Squires, Hearst Executive Vice President and General Manager John Loughlin, and Robert Sauerberg, president of Condé Nast consumer marketing.
Hearst is also a major backer of a separate venture called FirstPaper, which is said to be developing a software platform for magazines and newspapers, and has invested in electronic paper manufacturer E-Ink, according to the Web site paidContent. It is unclear how FirstPaper would tie into the new effort.
Shape up
Not everyone is retreating from the bridal and food markets.
American Media is launching Shape Bride, a spin-off from its fitness magazine Shape.
The magazine is slated to hit on Valentine’s Day, 2010, with 325,000 copies sent to newsstands.
Shape Editor Valerie Latona will supervise the spin-off, which will have a cover price of $5.99.
Publicly traded Meredith, which has developed a food-focused social networking site called “Mixing Bowl,” is launching a magazine from the brand.
“It’s for people who are passionate about cooking who share their recipes and like to spend a lot of time in the kitchen,” a Meredith spokesman said.
The Mixing Bowl site has already spawned a special interest magazine. Meredith said the first issue, with more than over 250,000 copies distributed, sold well, so the company plans a second issue of the magazine to hit in January.
Both of the publications are being run on shoestring budgets.
“The magazine features recipes that have come from the social-media site,” said the Meredith spokesman. It is run by the company’s special interest media group in Des Moines, Iowa.
Mort out
BusinessWeek appears to have a few less suitors.
According to reports, Daily News owner Mort Zuckerman and TV Guide owner Open Gate Capital have both dropped out of the race. Bloomberg is still be lieved to be the front- runner for the busi ness magazine, which McGraw-Hill for mally put up for sale in July.
Neither Zuckerman nor TV Guide acting CEO Jack Kliger could be reached for comment at presstime.