Time Warner’s board has at last faced up to reality: print media are dying. They have decided to “spin off” Time Magazine and its paper-based peers.
“Spin off” is spin for “dump.”
Here is a company that is dumping its first name. No more Time Warner. Just Warner, I guess.
It’s about time.
The CEO of Time will resign, as in “resign herself to being dumped.” No more cushy job overseeing the Sports Illustrated swimsuit issue. Reality has caught up with her. She announced this: “After considerable thought, I have decided that taking the company through a transition to the public markets is not where my passion lies.”
Henry Luce (Skull & Bones) is turning in his grave. He founded Time in 1923. It was the first weekly news magazine.
One by one, magazines are going out of business. One by one, these propaganda outlets for Establishment opinion are disappearing into the void.
Meanwhile, Matt Drudge dominates the industry. Yet the industry reviled him in 1998 when he revealed Newsweek‘s spiking of the Lewinsky story. Now Newsweek is no more. Drudge is a multimillionaire.
The Establishment is losing its grip, in every sense. The Old Boy Network had a tight grip on America’s print media. Then Drudge tossed a grenade into the middle of that cozy little club.
Digits are like ants eating the elephant. The elephant is doomed.