Even though Time proudly asserted its financial health as rival publication Newsweek hit the auction block, editor Richard Stengel and company shouldn’t get too comfortable just yet. Asked by CNBC yesterday whether his company was considering a sale of magazine publishing behemoth Time Inc., Time Warner CEO Jeff Bewkes “sidestepped the question.”
He said instead that Time Inc. titles — which include Sports Illustrated, People and of course Time — are transitioning to a digital emphasis, touting the beauty and liveliness of the Time iPad app. He said People and Sports Illustrated would be wowing iPad users in several months.
During the same interview, Bewkes talked up Time Warner’s television business, saying that the magazine-publishing unit was seeing a strengthening advertising business, but the “lead growth” was in TV.