Tag Archives: Forbes

Forbes' Russian edition in huge controversy

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The Wall Street Journal reported Friday that the Russian edition of Forbes magazine is in a dispute with the billionaire wife of Moscow’s mayor that set off a firestorm in the country this week.

The December issue was pulled, the editor in chief resigned in protest and Forbes magazine in the U.S. demanded that the German company that publishes the Russian edition under license reverse its withdrawal decision. Late yesterday, the German company, Axel Springer AG, agreed.

Reporters Guy Chazan and Matthew Karnitschnig wrote, “The controversy began Monday when the Russian version of Newsweek published an ad for the Forbes issue showing the magazine’s cover with a photo of Ms. Baturina accompanied by the words: ‘My protection is guaranteed.’

Russian Forbes“According to Maxim Kashulinsky, the Forbes editor who quit, Axel Springer pulled the issue the day it was supposed to hit newsstands after Ms. Baturina’s company threatened to sue over the article. Mr. Kashulinsky called the decision ‘disgusting.’

“Forbes issued a statement demanding that Axel Springer ‘immediately release the current issue as printed.’ After the German company relented, Forbes took a friendlier tack, saying, in a statement it ‘believes that Axel Springer’s cautiousness is understandable.’Axel Springer acknowledged being contacted by Ms. Baturina’s lawyers but said the decision to pull the issue was made because she had been misquoted on the magazine’s cover. It said Ms. Baturina had in fact said, ‘Like any investor, I am guaranteed protection of my rights,’ and the quote as published would have misled readers. An Inteko spokesman said he had nothing to add to the Axel Springer statement.

“Mr. Kashulinsky maintained that he replaced the offending quote prior to publication with one approved by Ms. Baturina. He charged that Axel Springer pulled the issue because Inteko had obtained an advance copy of the article — in violation of Forbes’s policy — and threatened to sue for libel if it was printed. Mr. Kashulinsky said he didn’t know how Inteko got a copy of the story.

“Axel Springer changed its position late yesterday after completing a ‘review of the facts,’ a company spokeswoman said.”

Read more here.

New mag seeks gap between investment tips and analysis

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Isaac Kardon writes in the New York Sun about American magazine, the new business glossy that just started, and noted that the publication is drawing its inspiration from what Fortune magazine was like when it was launched in February 1930.

American magazineThe editor is James Glassman, who has edited Roll Call and the New Republic. Kardon wrote, “The goal is to bridge the gap in the business magazine market between investment tips and high-level analysis, he said.

“The cover stories in the first issue investigate why so many chief executives are underpaid, the intellectual about-face of television broadcaster Lou Dobbs, and the economics of football.

“‘Fortune, Business Week, and Forbes have gone downscale,’ Mr. Glassman said. ‘Our magazine is directed at C-level executives, as in CEOs, CFOs, and CFOs of Fortune 1000 companies.’

“The starting circulation of the magazine is 40,000; the target is 120,000. ‘We see ourselves on par with Harvard Business Review,’ the publishing director, Samuel Schulman, said.

Read here.

Forbes pulled in-text ads after reporters complained

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The growing trend of media outlets placing links in stories to advertising for products was explored in the Wall Street Journal on Monday by David Kesmodel and Julia Angwin, and their reporting noted that Forbes.com dropped such ads because journalists felt uncomfortable.

Kesmodel and Angwin wrote, “Forbes.com, owned by Forbes Media LLC, tested in-text advertising on its site in the summer and fall of 2004. But the publisher pulled the ads after its reporters complained. ‘While the general feedback from [users and advertisers] was more positive than negative, our editorial staff was very uncomfortable with the concept,’ a Forbes.com spokeswoman said in a statement.”

Later, they noted, “Dow Jones & Co., which publishes The Wall Street Journal Online, Barron’s Online and other Web sites, in addition to this newspaper, won’t run in-text ads, a spokeswoman says. The ads blur the line between advertising and editorial and ‘interrupt the reader’s experience,’ she says.”

Read more here.

Preview of new CNBC web site now available

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A preview of the new CNBC web site, which goes live on Dec. 4, is now available here. The current web site can be seen here. Compare the two for yourself.

It promises exclusive live events, video on demand, tools for personal stock portfolios and global coverage. You can program a ticker for the stocks that you care about the most. It’s also promising exclusive interviews.

Here are some of the other features I was able to glean from the preview:

  • On your watchlist, CNBC will let you know when there is a new video available or upcoming interview on the air that might be of particular interest to you based on the holdings in your portfolio.
  • If you currently have a portfolio on MSN Money, the preview web site allows you to download your portfolio so it will be ready on Dec. 4.
  • MSN Money will be sending an e-mail to its registered users on Dec. 4 to alert them to the launch of CNBC’s new site.
  • You can also “pre-register” for the CNBC site now.

The web site has the CNBC logo in the upper left hand corner, with the slogan “First in Business Worldwide.”

CNBCMSN Money, of which CNBC has been a part of since 2001, underwent an overhaul earlier this week that included new stock charts, stock quote pages and a personalized news feature that seems aimed at keeping viewers after it splits with CNBC. Read about it here.

Microsoft Corp. and NBC merged their financial Web sites, MoneyCentral.com and CNBC.com, in June 2001, shortly after the tech bubble burst. The new site, CNBC on MSN Money, became part of MSN, Microsoft’s family of online sites that also includes Slate.

Microsoft operated the Web site out of offices in Redmond, Wash., with editorial services split between Redmond and Fort Lee, N.J., where CNBC is based.

At the time, analysts said NBC was likely interested in this partnership because its CNBC Web site had not been as successful in capturing web users as expected.

The goal this time around will be how successful CNBC will be in taking Web users away from sites such as Forbes.com, BusinessWeek.com, MarketWatch.com, TheStreet.com and MotleyFool.com that already cater to investors and those wanting personal finance advice.

Last week, CNBC announced a number of new hires for its web site operation. Read about those here.

Mixed results for business magazines in October

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Business magazines reported results in terms of ad revenue and pages that were all over the place in October, with publications such as the Economist, Forbes and Fortune showing gains from the same month a year ago, but others reporting a drop, according to data posted on the Magazine Publishers of America web site.

The EconomistThe Economist reported the biggest gains, with a 26.2 percent gain in ad dollars to $8.7 million and an 8.7 percent increase in pages to 216.25 for October.

Other results include:

– Business 2.0 saw a 25 percent decrease in ad sales to $3.5 million and a 28 percent decrease in ad pages.

BusinessWeek magazine posted a 3.6 percent decline in ad sales to $38.9 million for the month, but a 4 percent increase in ad pages to 342.

– Fast Company showed a 19.4 percent rise in ad sales to $3.2 million and a 12.4 percent jump in pages to 46.39.

Forbes posted a 6.3 percent increase in ad sales to $59.6 million for October and a 3.3 percent rise in ad pages to 605.7.

Fortune reported an 8.7 percent rise in ad sales to $39.5 million and a 2.6 percent increase to 375.27.

Inc. magazine had a 1.6 percent decline in ad sales to $6.8 million and a 5.1 percent drop in ad pages to 69.5.

– Kiplinger’s Personal Finance saw its ad sales drop by nearly 31 percent to $3.1 million and its fall drop 28.5 percent.

Money magazine’s ad sales rose 9.8 percent to $17.4 million, while its pages rose 3.6 percent to 102.7.

– Smart Money, which hired a new executive editor last week, posted a 6.4 percent decline in ad sales to $4.8 million and a 12.9 percent decline in pages to 62.6.

See all of the statistics here. The year-to-date numbers are here, and they show Business 2.0, The Economist, Forbes, Inc. and Smart Money have posted increases in ad revenue for the first 10 months of the year.

CNBC hires staff to prepare for Web site relaunch

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Business news cable channel CNBC has hired six people to work on its website, which will relaunch on Dec. 4. CNBC.com is currently part of MSNBC.com.

“We’ve recruited all-stars from across the industry to create a ‘game-changing’ site that perfectly complements our worldwide television network while offering a breadth and depth of business news coverage that simply doesn’t exist on the web today,” said CNBC President Mark Hoffman.

CNBCAccording to a press release, the hires are:

Albert Bozzo: Former executive producer and director of the video network of Forbes.com. Bozzo joins Cnbc.com as senior news editor. At Forbes.com, Bozzo was responsible for all aspects of editorial, production and technical operations.

Scott Billings: Billings joins Cnbc.com as senior news editor. Previously, he was the news editor/producer for WSJ.com Video where he created and produced a daily newscast of Wall Street Journal stories.

Viktor Cea: Cea joins Cnbc.com as director of content and design. He joins cnbc.com from Gartner Inc., where he was vice president, design & development for product platforms, responsible for the strategic and creative direction for Gartner products.

Jeanne Rothermich: Rothermich joins Cnbc.com as senior producer for TV coverage. Most recently, she served as vice president, interactive strategy for MSNBC, where she also held a number of positions focused on cross-platform strategy to enhance TV and web promotions and programming.

In addition, Alex Crippen has been named Executive Producer of Cnbc.com, responsible for live coverage, following more than 15 years of various editorial positions with CNBC. He also continues to serve as executive producer for breaking news, CNBC World and CNBC Business Radio. And Susan DeBaun becomes Cnbc.com’s director of strategic operations. She has been with CNBC for more than nine years and has held positions in technology operations, graphics and quality.

Read more here.

Reuters and Forbes to provide TV content for TiVo

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Business news wire Reuters and business magazine Forbes have agreed to develop video content for TiVo, according to a news release.

The broadband video content from Reuters will include Reuters Showbiz Week, Reuters Technology Week and Reuters Oddly Enough: And Finally show, which is a wrap-up of the week’s most interesting offbeat stories.

The content from Forbes will include business and affluent lifestyle programming focused on the interests and pursuits of the Forbes community. Content will include video companions to print & online Forbes lists such as best places to retire and top 10 travel destinations. Other content will include profiles of inspirational role models & entrepreneurs, how-to guides on collecting, buying a second home and exclusive access to high-profile event.

Miguel Forbes, Forbes vice president of new business development, said, “We are very excited by the opportunity to partner with TiVo to deliver our trusted brand and expertise in business and lifestyle programming to a sophisticated audience in a fresh, forward-thinking, and compelling way.”

Read more here.

Switch of MEs at Fortune aimed to rebuild brand

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Matthew Flamm of Crain’s New York writes that the decision to change managing editors at Fortune by parent Time Inc. signals that the parent company is trying to stem some of the issues that the glossy has recently faced.

Fortune magazineFlamm wrote, “Fortune needs to crank it up. Portfolio‘s arrival will mean a tougher environment for Forbes and BusinessWeek. But Fortune — which emphasizes the long-form journalism that Portfolio plans to showcase — can expect to battle the Conde Nast title most directly.

“Not surprisingly, Portfolio lured away three top Fortune staffers as part of a hiring spree ahead of its launch. None of its personnel have come from BusinessWeek or Forbes.”

Later, Flamm added, “But Fortune, as part of a publicly held company, will have fewer resources and less flexibility than privately owned Portfolio.

“‘The question ultimately is how much Time Inc. will put into Fortune competing against Portfolio, versus all the other issues it has to deal with,’ says magazine consultant Peter Kreisky.”

Read more here.

Weiss: Terry III has been good for BW

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Former BusinessWeek reporter Gary Weiss, who now writes a column for Forbes.com called Muckraker, comments on his blog this morning about a New York Times story on his former boss — McGraw-Hill CEO Terry McGraw. NcGraw-Hill is the parent of BusinessWeek.

Terry McGrawWeiss wrote, “He got a lot of razzing for that from some people at BW, and it proved to be unfair. He has succeeded smashingly by pretty much any measure.

“I had few dealings with Terry, directly or indirectly, and that’s one of the best things any investigative reporter can say about a CEO. Not once did I ever hear about any effort to influence, through Terry, the content of any of the tough stories I had written or were in the pipeline.

“In fact, he was a stalwart advocate in the stormiest of times.

“I thought back on Terry during the recent controversy over Sharesleuth, Mark Cuban’s insider trading vehicle. Whatever else one may say about Terry McGraw, it would have been inconceivable for he or his predecessors to have profited from upcoming stories in Business Week. Cuban, by contrast, has turned a taboo into a ‘business model.’”

Read more here.

Russian court overturns acquittal in murder of Forbes journalist

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A new trial will be held in the murder of Paul Klebnikov, the editor of the Russian edition of Forbes magazine, after the country’s Supreme Court overturned an earlier acquittal verdict, a wire service is reporting.

Paul KlebnikovThe court, acting on an appeal by prosecutors, ordered a new trial with a new judge, a court spokesman told Agence France-Presse.

The wire story stated, “Two men went on trial on Jan 10 on charges of carrying out the killing on behalf of a Chechen separatist, Khozh-Ahkmed Nukhayev, who was the subject of a critical book written by Klebnikov. But they and another man on trial on related charges were acquitted by a jury on May 5.

“However, close associates of Klebnikov and a section of the Moscow press disputed the official line that the journalist had been murdered on the orders of Nukhayev. They said Klebnikov had been investigating presumed contacts between Russian political officials and Chechen separatists.

“The three suspects had denied the charges in their earlier trial.”

Read more here. A Bloomberg story included this statement: “Today’s decision is a hopeful sign for justice and the rule of law in Russia,” the Klebnikov family said. “It confirms that blatant procedural irregularities took place in the lower courts, and that these cannot be ignored.”