Joe Ripp, the incoming CEO of Time Inc., doesn’t officially take office until Sept. 1, but he already had his first informal pow-wow with top editors during a “walk around” on Wednesday.
While it’s early, that puts him in better stead with an influential group than the outgoing CEO Laura Lang, who went many months after taking office before meeting with editors.
Sources said Lang was packing up her belongings at the Time & Life Building in Rockefeller Center for the move to transitional offices at Time Warner’s Columbus Circle headquarters yesterday.
Time Inc. Editor-in-Chief Martha Nelson was holding her regular monthly meeting with the managing editors on Wednesday when she learned of Ripp’s visit and invited him to swing by.
“Everyone was very enthusiastic,” said Nelson, who declined to reveal anything more details of the off-the-record meeting.
Insiders said Ripp, a former CFO of Time Inc. and later Time Warner, did not outline any sweeping plans but did demonstrate a deeper knowledge of the corporate culture than his two predecessors.
Jack Griffin, who was forced about in early 2011 after less than six months on the job, and Lang were seen by many insiders as “on-the-job learners” when it came to all things Time Inc.
It’s been almost three years to the day since Griffin was announced as CEO, and many insiders think it’s been three years of treading water for the company at a time of tremendous tumult in the media world.
Last year, the company had operating profit of just $420 million on revenue of $3.4 billion. Sources say the bulk of that profit — around $385 million — was derived from People.
That means the rest of the empire chipped in only $35 million, suggesting there’s a lot of work to be done.
Meredith’s mix
While some analysts believe there’s the possibility Meredith Corp. will resume talks to buy some Time Inc. titles, nobody broached the topic yesterday with Meredith CEO Steve Lacy during the company’s quarterly earnings call.
Still it’s clear to see why analysts would like to see some separation between Meredith’s publishing and television operations.
Meredith’s local media group, which includes TV stations, grew revenues 20 percent, to $376 million, in the fiscal year ended June 30, while operating profit grew 41 percent to $124 million.
By comparison, its national media group, which includes magazines such as Better Homes & Gardens and Ladies Home Journal, eked out a 3 percent gain in revenue to $1.1 billion, while operating profit grew 4 percent to $138 million.
A lot of the increase was due to the acquisitions of Every Day with Rachael Ray, Family Fun magazine and AllRecipes.com, which is planning further expansion this year with a print edition. After adjusting for acquisitions, advertising revenue declined 6 percent.
Stelter stir
New York Times media reporter Brian Stelter has drawn fire in some circles for his decision to appear as an upcoming guest host of CNN’s “Reliable Sources” on Aug. 11 because it is part of a company that he must cover in his day-to-day job.
Stelter criticized Fox News host Greta Van Susteren, who is widely seen as the resident liberal on the network, for a perceived conflict of interest in 2009, when he suggested she and her husband, John Coale, were getting too cozy with Sarah Palin. Coale had advised Palin on setting up a Political Action Committee, and Van Susteren had gone snowmobiling with the Palins.
It’s five years later, but Van Susteren apparently hasn’t forgotten the criticism. “Is this the same New York Times that criticized me? Talk about conflict of interest and hypocrites,” she tweeted upon hearing about Stelter’s “Reliable Sources” hosting gig.
Stelter told Media Ink, “I agree this is a conflict; that is why I am not reporting on CNN, Fox News or MSNBC prior to my appearance.”
When asked if he is being auditioned as permanent host, a job that opened up when longtime host Howard Kurtz resigned to jump to Fox, he said: “My impression is that anyone who fills in they are interested in, but I am approaching it as a one-time gig.”
CNN has not named a permanent replacement for the Sunday-morning show.
For his part, Stelter said he has no intention of leaving the Times for television.
“Definitely not,” he said. “I told my editors I love working for the Times.”
Phil Corbett, associate managing editor for standards at the Times, “There’s no flap as far as I’m concerned. Brian talked to me and others and got approval before agreeing to the appearance. He is avoiding covering CNN or related topics in the meantime.”