September 20, 1993 |
Time Inc., the publishing arm of media giant Time Warner Inc., Sunday announced a major reorganization aimed at boosting its most prominent magazines and expanding operations into multimedia ventures. The restructuring also calls for cutting costs, including the elimination of an unspecified number of jobs, primarily through attrition. The move to "reinvent" the company follows recent criticism of Time Inc.
May 4, 1993
The New York-based media and entertainment giant, burdened by heavy debt since its 1990 merger, became profitable by the end of 1992. Time Warner has whittled its debt to about $15.5 billion from a high of $17 billion. While it ended 1992 in the red, it increased its per-share earnings 60.8% over 1991. Chairman Gerald M. Levin, named to succeed the late Steven J. Ross, said that Time Warner intends to turn its non-performing assets into performing ones.
June 16, 1992 |
The Los Angeles Police Protective League and the Fraternal Order of Police joined Councilwoman Joan Milke Flores on Monday in calling for Time Warner Inc. to voluntarily stop distribution of rapper Ice-T's "Cop Killer," a song they believe advocates violence against police officers. "The publication of such vile trash is unconscionable," said Bill Violante, president of the 8,000-member Los Angeles police union.
June 10, 1992
Time Inc. said Tuesday it has hired a veteran publishing executive, Don Logan, now president and chief executive of Southern Progress Corp., to be its No. 2 manager, overseeing the company's New York-based magazine division. At the same time, Time announced the resignation of S. Christopher Meigher III, president of the division. Time said Meigher was resigning to pursue other interests after 22 years with the company.
January 6, 1991 |
It's been a year this week since Steven J. Ross presided over the formal close of history's biggest media company merger, but he gets questions about at least one aspect of it every time he asks for a menu. "I'd love to go to a dinner where somebody doesn't ask me what we're going to do about the debt," says Ross, who is chairman and co-chief executive of Time Warner Inc. "Even the waiters ask." The cross-examination continues because the issues, like the $10.
August 14, 1990 |
Hedley Donovan, Henry Luce's hand-chosen successor as editor-in-chief of the Time Inc. publishing empire, died Monday in New York Hospital after what a company spokesman described only as a long illness. Donovan, dubbed "Pope Moses II" by Time staffers after succeeding Luce, was 76, and had lived in Manhattan and Sands Point, Long Island. More recently, he had served from 1979-80 as personal adviser to President Jimmy Carter.
May 5, 1990 |
Executives of Time Warner Inc. described it as one of the largest magazine-advertising campaigns ever--a 32-page insert that will reach about 80 million readers of Time, Life, People, Fortune and Entertainment Weekly this week. But one prominent media critic called it a prime example of intra-company back-scratching that is "anti-competitive" and smacks of "self-dealing" by the giant media concern.