Radical Reorganization at Source Media
Financial publisher combines editorial teams to create 'community pool.'
Source Media, the publisher of American Banker and an array of other financial media, is undergoing a sweeping reorganization that will concentrate its more than 60 magazines into four business groupsâ€”banking, capital markets, technology and professional services.
And in an even more dramatic move, the company isÂ recasting editorial staffs for each of its individual brands and rolling editors into combined units for each of the four new groups, chairman and CEO Jim Malkin told FOLIO: Tuesday.
As part of the restructuring, American Banker editor-in-chief David Longobardi has been named executive vice president and chief content officer, overseeing all Source Media editorial. Reporting to Longobardi will be four group editorial directors who will oversee editorial for the four separate groups.
Each title will continue to have an editor-in-chief, Malkin says, but those editors will not have a dedicated editorial team. Instead, they will "draw from a community pool" of content generated company-wide.
"The major thing going on here is how we look at our brands with journalists who know their markets," Malkin said. "We need to do a better job of providing our specific communities with the content that they want and need.
"Essentially, we are shifting from a group of publications into an information company," Malkin continues. "It's a big change for us, but we think it will allow us to deliver more consistent editorial across the brands."
Malkin said about 20 positions will be eliminated as part of the restructuring. While he declined to comment on specific personnel changes, he said the cuts are across the board, not just in editorial. Source Media employees about 1,000 people.
"Multiple titles are doing the same type of things, so we think there are some things we can do once and not multiple times," Malkin says.
Owned by Investcorp, Source Media's estimated 2007 revenue was $160 million with $25 million EBITDA. In addition to American Banker, Source Media publishes titles including Broker magazine, U.S. Banker, and the Bond Buyer.