As part of the reorganization taking place in the wake of the shuttering of new economy mag Business 2.0, Time Inc. (NYSE: TWX) will create a new, as yet unidentified, executive position that will oversee all print and digital ad revenue matters at its finance publications network. The company’s Business and Finance Network, which houses Money and Fortune magazines, as well as CNNMoney.com, will now be called the Fortune/Money Group.
Time Inc. is also reinstating the publisher positions at both Money and Fortune. Those posts were discarded in April 2006 when Time Inc. merged the discrete ad sales teams belonging to Fortune, Fortune Small Business, Money and Business 2.0. Hugh Wiley, most recently Group Associate Publisher of the Business and Finance Network, and Brett Wilson, previously the Associate Publisher/North America for Time magazine, have been named as the new publishers for Fortune and Money, respectively. Additionally, Alan Ives, formerly VP of ABC Digital Media Sales, has been hired as SVP, Sales, for CNNMoney.com. Ives will be responsible for all digital advertising revenue and the digital ad sales staff will report to him. Release
— Ad Age: As a result of the dismantling of the group publishing structure, Michael Dukmejian, one of the co-publishers of the Business and Finance Network, will leave the company; the other, Michael Federle, has been named as a senior adviser to Vivek Shah, the unit’s group president. This is Time Inc.’s second stab at reworking the Business/Finance unit. Last October, CNN business anchor Andy Serwer was tapped to replace Eric Pooley as Fortune’s editor. Despite the changes, ad pages in the first half of the year fell 17.5 percent at Fortune, 18.2 percent at FSB, 25.7 percent at Money and 34.1 percent at Business 2.0.