Time Inc. Sells Golf Magazine: Report | Industry Notes
Another magazine faces a freelancer crisis, how driverless cars could affect media consumption, and more...
Golf Magazine could be on the move.
Time Inc. has reportedly reached an agreement to sell off Golf Magazine and its related assets to Howard Milstein, chairman of Emigrant Savings Bank
The deal was first reported by Golfweek senior writer Geoff Shackelford, citing “sources briefed on the sale.”
Time Inc. has not confirmed the deal, and a spokeswoman tells Folio:, “The sales process for Golf is proceeding well and as soon as there are further developments we will share them.”
The report, which comes a few weeks after Time Inc. sold Sunset magazine to L.A.-based PE firm Regent L.P., likely comes as little surprise to Golf staffers. The company is expected to shed a number of its “non-core” brands as it prepares to be acquired by Meredith Corp. early next year, and Time Inc. had confirmed even before announcing the Meredith deal that Golf—along with Essence and Coastal Living—was among the titles being shopped around.
The sale would raise some intriguing questions about the future of staffers who increasingly straddled the line between Golf and Sports Illustrated in recent years, notably SI senior writers Michael Bamberger and Alan Shipnuck, whose 7,000-word deep August dive into President Trump’s love for golf famously quoted the President as quipping, “That White House is a real dump.”
Could driverless cars be a boon for magazines?
As publishers and marketers vie for screen time on a minute-to-minute basis in an increasingly fragmented media landscape, one forthcoming technological wave could free up some much-needed inventory: driverless cars.
At least, that’s what French automobile manufacturer Groupe Renault foresees after announcing the unconventional acquisition of a 40 percent stake in weekly business magazine Challenges.
“Today, French and European commuters spend about two hours in their car every day,” said Renault in a company statement. “With the development of the connected driverless vehicle, users will have more time to spend on other activities while in the car.”
In addition to its flagship weekly, Challenges Group publishes four monthly magazines focused on science and history.
More stiffed freelancers demand pay.
Nautilus magazine founder John Steele is in hot water this week for allegedly failing to pay a number of freelancers for their contributions to the bimonthly science journal.
Nineteen freelance writers and editors signed an open letter Wednesday, claiming the magazine owes them a combined $50,000, in breach of signed contracts that required payment 30 to 60 days after their work was published. Ten of the freelancers are being represented by the National Writers Union.
“It is no secret that journalism faces difficult times,” the letter reads. “But we are disappointed and angry that Nautilus took advantage of writers and editors and that Steele allowed staffers (many of whom, we believe, were equally in the dark about the magazine’s finances) to commission articles he knew that Nautilus could not pay for.”
Many of the articles in question were published between June 2016 and March 2017. The letter claims that one individual alone is owed $11,000 for their work.
“Some of us have won prestigious awards under the Nautilus banner,” the letter adds. “For this we are grateful. But good journalism does not come free—and this is our livelihood.”
Supported primarily through grants from the John Templeton Foundation, Nautilus has struggled financially in recent months, and Steele told the New York Daily News on Wednesday, “We’ve been paying writers we owe money to as soon as funds come in … It’s been real slow and it’s been tough and I feel terrible that it’s taken so long, but we are exploring other potential buyers for the magazine and that would help us pay off all debts.”
The magazine’s November/December 2017 issue, currently on sale, is titled “Trust.”