Tag Archives: Fortune

Bloomberg keyboard

Wall Streeters care more about their messages online than reporters snooping


Cyrus Sanati of Fortune writes about how the Wall Street bankers and traders who are the core Bloomberg customers are more worried about how some of their private messages using the company terminal made it on the Internet than they are about Bloomberg reporters using the terminal to snoop on them.

Sanati writes, “The bulk of the traders and bankers Fortune spoke to over the weekend concerning this story said that the snooping scandal had become more important to journalists than the greater financial community.

“But then came word Monday that a trove of Bloomberg messaging data had been found online. The data was old, but contained user info, trading data and sensitive communications between bankers, traders and their clients. Bloomberg messenger is an email and instant messaging program. A great deal of trading and price discovery goes on in these chats — especially in the opaque over-the-counter market. It is where essentially large parts of the financial industry conduct the bulk of their business. Bids and offers are sent between brokers and buy side professionals and deals are sealed all on Bloomberg chat. Bloomberg actively scans messages to help their customers seemingly keep records of their bids and offers.

“‘They have a system to capture your broker runs in Bloomberg and feed through into Excel,’ one fixed income trader told Fortune. ‘These runs come in every two seconds so it’s a priceless tool for us.’

“Bloomberg employs an army of ‘message mining analysts’ who, according to a recent job placement advertisement picked up by the Financial Times, ‘are responsible for ensuring that price information across Bonds, CDS, Loans and Mortgage products are properly picked up from individual messages and returned back to the client.’

“The key here is ‘returned back to the client.’ But with the cache of messages that were recently found online, some traders are concerned that their data isn’t being handled properly and could fall into the wrong hands. There is also concern that the company may be using that information to help Bloomberg Tradebook or Bloomberg Pool, the company’s growing broker-dealer and dark pool trading outfits, to gain an informational advantage over the clients.”

Read more here.


Biggest issue of Fortune 500 since 2004


This year’s Fortune 500 issue has the most ad pages of any Fortune issue since 2004, reports Emma Bazilian of Adweek.

Bazilian writes, “With 193 ads (and a total 356 pages), the magazine’s biggest franchise is up 36 year-over-year in ad pages, including 75 advertisers who didn’t appear in last year’s issue.

“Jed Hartman, group publisher for news and business at Time Inc., said some of the issue’s biggest ad growth came from the automotive, travel, and fashion categories (auto was up 79 year-over-year, while fashion rose 21 percent).

“Major ad buys came from clients like tech company Box, which bought banner strips across 26 pages in the print issue and on Fortune.com, as well as a custom mailing that went out to Fortune 500 CEOs and CMOs. The Hartford, CDW and Nationwide participated in a new series of branded advertorials called “company spotlights” that puts custom company profiles (written by Fortune’s marketing team) next to their regular ads.

“Hartman said this year’s Fortune 500 issue will also look different from its predecessors, due to the oversight of Fortune’s new art director Brandon Kavulla, who joined the magazine from Wired in March.”

Read more here.

Businessweek 2012

Most biz magazines post decline in ad revenue, ad pages


Most of the large business magazines posted a decline in advertising revenue during the first three months of the year, while the overall magazine industry had a small increase in ad money.

Leading the decline was Bloomberg Businessweek, which had a 30.2 percent drop in ad revenue to $35.4 million, according to data released by Publishers Information Bureau. Its ad pages dropped 32.6 percent during the same time period to 228.52 pages.

Another big decliner was The Economist, which reported a 27.2 percent decline in ad revenue to $22.3 million and a 28.6 percent decline in ad pages to 330.88. And Forbes‘ ad revenue dropped 15.9 percent to $42.1 million, and its ad pages fell 19.6 percent to 266.03.

In comparison, the overall industry posted a 0.5 percent increase in ad revenue and a 4.8 percent drop in ad pages.

Bucking its competitors, Fortune was the only major business glossy to record an increase in the first quarter. Its advertising revenue rose 7 percent to $41.5 million, and its ad pages rose 0.3 percent to 272.94.

The large declines were also seen at some of the smaller business magazines. Black Enterprise, for example, saw its advertising revenue fall 35.4 percent to $3.7 million and its ad pages fall 34.3 percent to 80.41.

Harvard Business Review posted a 13.3 percent decline in ad revenue to $3 million and a 16.9 percent decline in ad pages to 63.80. And Inc. was down 9.7 percent in ad revenue to $6.9 million and down 11.9 percent in ad pages to 81.66.

Kiplinger’s Personal Finance, however, posted a 22.2 percent increase in ad revenue to $4.6 million and a 19.2 percent increase in ad pages to 64.27.

See all of the data here.



Fortune is finalist for National Magazine Award


Fortune magazine is one of the four finalists in the general excellence category for the 2013 National Magazine Awards, run by the American Society of Magazine Editors.

The other finalists are National Geographic, New York and Wired.

Two business magazines are finalists in the single issue category. They are Bloomberg Businessweek for “Election Issue,” Oct. 15-21, and Fast Company for “The World’s 50 Most Innovative Companies,” March.

In the leisure interest category, Wired is a finalist for for “How to Be a Geek Dad,” June. Bloomberg Businessweek is also a finalist in the tablet category.

In the public interest category, Consumer Reports is a finalist for “Arsenic in Your Juice,” January, and “Arsenic in Your Food,” November, by Andrea Rock.

Wired is also a finalist in the feature writing category for “Inside the Mansion–and the Mind–of Kim Dotcom, the Most Wanted Man on the Internet,” by Charles Graeber; November.

Known as the Ellies — for the Alexander Calder stabile “Elephant” given to each award winner — the National Magazine Awards will be presented on Thursday, May 2, at the New York Marriott Marquis.

See all the finalists here.

Wyndham Robertson

Two biz journalists named to NC Journalism Hall of Fame


Two famous business journalists — one for helping blaze a trail for women — have been named to the North Carolina Journalism Hall of Fame.

Wyndham Robertson is the former assistant managing editor of Fortune magazine and former business editor of Time magazine.

After graduating from Hollins College with an economics degree, Robertson worked as a junior analyst in the Economics Department of the Standard Oil Co. of New Jersey before joining Fortune as a researcher and reporter in 1961.

She was elected to Fortune’s board of editors in 1974 and was named assistant managing editor in 1981. She served as business editor of Time magazine from 1982-83 as part of an experimental program in which six Time Inc. editors temporarily switched magazines.

Her work has been honored with awards that include the Gerald M. Loeb Achievement Award for Distinguished Writing on Investment, Finance and Business and the American Journalism Historians Association Award for Breaking Gender Barriers in Journalism and Communication, among others.

Alan Murray, a journalism inductee, is the president of the Pew Research Center. He leads in setting the strategic direction of Pew Research, in consultation with Pew Research leadership, its board and The Pew Charitable Trusts.

Murray was previously deputy managing editor and executive editor, online, for The Wall Street Journal.

He previously served as CNBC’s Washington, D.C., bureau chief and was co-host of “Capital Report with Alan Murray and Gloria Borger.”

While working at CNBC, he wrote the Journal’s weekly “Political Capital” column. Prior to that, he spent a decade as the Washington bureau chief for The Wall Street Journal.

Murray received a bachelor’s degree from the University of North Carolina and a master’s degree from the London School of Economics.

See all of the inductees here.

Fortune logo

Fortune writing articles for advertisers


Lucia Moses of Adweek writes that Fortune magazine has a deal where it is writing some articles for advertisers.

She reports, “Fortune is rolling out a new response to this dilemma in the form of a program called Fortune TOC—Trusted Original Content. Similar to licensed editorial content, TOC involves creating original, Fortune-branded editorial content (articles, video, newsletters) exclusively for marketers to distribute on their own platforms. The publisher has set a price range from $250,000 to $1 million.

“‘As marketers fight to engage with users [and] readers in a noisy, competitive world, marketers have all become publishers,’ said Jed Hartman, group publisher of Time Inc. news and business, with oversight for Fortune. Capital One has signed on as the first client, using Fortune to create content about small-business strategies.

“TOC represents the first formalized process by a Time Inc. title to make good on outgoing CEO Laura Lang‘s promise of ‘next-generation’ advertising products that join its magazine content with marketing in new ways. Time Inc. titles like People and InStyle have run ads that combine their own content with an advertiser’s message.

“‘There have always been ways to license content,’ said Paul Caine, evp, chief revenue officer and group president, advertising at Time Inc. ‘But what’s emerged is the ability for advertisers to populate their owned and earned media with our content. That’s part of what some of these solutions represent. What we need to do is create easy ways for them to get to our content.’

“While brand-created content has gotten better, it often falls short of quality editorial product. By creating the TOC edit, Fortune ostensibly will avoid that pitfall.”

Read more here.

Fortune cover

What to do with Fortune and Money


Amy Chozick and Christine Haughney of The New York Times are reporting that Time Inc. and Meredith Publishing cannot decide on what to do with business magazines Fortune and Money as part of their proposed deal to merge magazine operations.

Chozick and Haughney write, “The Time Inc. domestic titles that are at issue in the negotiations have struggled in recent years because of a tough advertising market and declining newsstand sales. Time, Fortune and Sports Illustrated all experienced declines in advertising pages in 2012 compared with 2011, according to the Publishers Information Bureau. Time’s advertising pages declined by 12.2 percent and Sports Illustrated’s by 5.5 percent. Money’s pages dropped by 5 percent and Fortune experienced a 4 percent decline.

“Time and Fortune have experienced overall declines in their circulation in the past five years of about two percent, according to the Alliance for Audited Media. But they have also suffered big declines in newsstand sales. Fortune’s and Time’s newsstand sales fell by 33 percent and 45 percent, respectively, from 2007 to 2012. Sports Illustrated suffered a 46 percent decline in newsstand sales. Money took the biggest hit with an overall circulation decline over the past five years of 7.6 percent and a 50 percent decline in newsstand sales.

“Meanwhile, InStyle, a property that is far more desirable to Meredith, has seen its advertising pages grow by 5.4 percent between 2011 and 2012. Its overall circulation rose over the past five years by 4 percent. Its newsstand sales dropped by 24 percent.”

Read more here.


Fortune names new creative director


Fortune managing editor Andy Serwer sent out the following staff announcement on Wednesday morning:

I am delighted to announce that Brandon Kavulla will be joining Fortune as our new Creative Director.

Brandon is an award-winning, veteran CD who will be an incredibly valuable addition to our team. For the last two years Brandon has served as the creative director of Wired in San Francisco. There he led a cross-platform redesign for print and tablet editions. Brandon has received various honors including three of his titles being nominated for ASMEs in design, the most recent being Wired, as well as Details and Spin. Two of his titles (Vibe and Men’s Health) have also won for General Excellence.

He is an 9-time gold medal and a 8-time silver medal winner from the Society of Publication Designers. His art direction and design have also been awarded by and appeared in Print, Graphis, How, The Art Director’s Club, American Photography, American Illustration, and at Best Life received editorial photograph of the year from American Photo magazine. While at Men’s Health, he along with his photo director were the lead feature of PDN magazine’s annual “Players” issue highlighting innovators in photography.

Under his creative direction Wired also won its first award from the Type Director’s club for motion typography. Brandon is a frequent judge for the Society of Publication Designers and ASME and was the co-host of the SPD Gala in 2011.

Brandon is originally from Stow, Ohio and attended Kent State University’s Visual Communication Design program. He will be back in Manhattan soon with his wife Anne-Marie, daughter Anastasia (6) son Adam (4), and another (Annie says last) one on the way. Please join me in welcoming Brandon.

Mina Kimes

Fortune reporter leaving for Bloomberg News


Mina Kimes, who has been with Fortune magazine for the past six years, is leaving the Time Inc. publication for a reporting job at Bloomberg News.

Kimes will be writing investigative stories about companies at Bloomberg. She starts on Feb. 25.

At Fortune, she writes investing stories and features. In 2009, she received the Nellie Bly Cub Reporter award from the New York Press Club for her story, “The End of Oil.”

She has also won an Asian American Journalists Association national award.

Before joining Fortune in August 2008, Kimes was a reporter at Fortune Small Business.

She graduated summa cum laude from Yale University, where she studied English.

Here is a Q&A she did with ProPublica about a recent investigation into a medical device company.


Fortune cover

Time Inc. looking to sell magazines, but not Fortune


James Bandler, Doris Burke and Jennifer Reingold of Fortune are reporting Wednesday that Time Inc. is looking to sell most of its magazines but would retain ownership of Fortune, Sports Illustrated and Time.

Their article makes no mention of what would happen to personal finance publication Money.

Bandler, Burke and Reingold write, “Bewkes gave a subtle hint that he might have changed his thinking about the magazine division in a Feb. 6 interview on CNBC, the same day Time Warner posted net income up 4.6%, to $3 billion. When asked if he might follow Rupert Murdoch’s lead at News Corp., he told CNBC’s Carl Quintanilla, ‘It’s always a good question … There’s tremendous resilience in the national magazine publishing business, but advertising demand is secularly not so strong; it’s down a bit. The question whether we ought to put that into a different frame is one we’ve been asking.’ He then referred to Time Warner as ‘a great storytelling company, whether in film or TV.’ Magazines were not mentioned.

“The People magazine franchise is the top prize in the deal. It is said to be the most profitable magazine in the world. (Time Inc. does not break out financials by title.) It is not clear why Bewkes might want to keep Time magazine, Fortune, and Sports Illustrated. Time magazine is less profitable than it once was. Fortune has a money-making online joint venture with Time Warner’s CNN unit. And Sports Illustrated has clear value for Time Warner’s Turner Broadcasting System, although in the past the two have disagreed on digital strategy.

“Outside advisers involved in the potential deal include the Chicago merchant bank BDT Capital Partners, run by former Goldman Sachs banker Byron D. Trott. A spokesperson for BDT declined to comment.”

Read more here.