Citing a need to focus on its core brands, Summit Business Media has decided to suspend publication of Bank Advisor, one of the magazines it acquired last summer as part of its acquisition of WiesnerMedia’s financial group.
“We have four very significant products in the advisory space,” professional and financial services group senior vice president John Whelan told FOLIO:. “The bank channel, in the long term, is attractive, but in the short term it’s a bit peripheral. Considering the total advertising perspective for those magazines, we decided to table Bank Advisory for the year.”
Summit reassigned publisher Tracy Donley, editor John Sullivan and managing editor Jenny Ivy to serve on the staff of sister title Boomer Market Advisor. Two staffers—one from sales and one from production—were let go.
Launched about a year ago, Bank Advisor was part of Summit’s Advisor Media Network which, in addition to Boomer Market Advisor, includes Investment Advisor, Research Magazine and Wealth Manager. Summit acquired Bank Advisor and Boomer Market Advisor in July as part of its purchase of WiesnerMedia’s financial group of magazines, Web sites and events.
Bank Advisor had been published six times per year with a circulation of 30,000.