EIC Time Edward Felsenthal thinks everything is great

TimeEdward Felsenthal's editor-in-chief led Meredith's multi-month research. In a note to the staff of the magazine Sunday, he wrote: "From the first moments, we spoke with Marc and Lynne TimeThe future, we knew it was not just a meeting of minds and business goals, it was a convergence of goals.

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Felsenthal started to Time in 2013 as editor of the digital magazine. He oversaw the rapid expansion of the weekly in the digital space and was appointed editor in 2017. Felsenthal was previously longtime editor at The Wall Street Journal and helped found The Daily Beast in 2008.

On Tuesday, the RGC spoke briefly with Felsenthal about TimeThe acquisition by the Benioffs and the sunny future of its digital and printed editions. The conversation has been changed for length and clarity.

This agreement is concluded quickly. What was your reaction when you heard the first time the Benioffs were interested in buying?

We knew from the beginning – and Marc and Lynne said the same thing publicly – that this could be a really great fit. The Benioffs talk about what they call "family impact investments." They are looking for healthy companies that have a positive impact in the world.

AT Timewe still have a great printing business with over 2 million paying subscribers. We used this foundation to create fast growing extensions to our brand, to boost our video operations, develop live events and launch new franchises. This has clearly resonated with the Benioffs. And we have seen them as people who champion innovation and a great work culture. They spend a lot of time and resources tackling most of the complex problems in the world, which we do in Time. So, from the beginning, it was a good fit.

If it was a good fit, were there any wrong adjustments? What did your team try to avoid when looking for a buyer?

The great thing about this process was that Meredith, from the beginning, excluded the worst-case scenarios. I give them a lot of credit for that. They worked with us to find a nice house. And I think the other options, the other people we talked to, could also have been good homes for us.

There was joy, laughter and optimism. Everything has been very positive.

What are the worst-case scenarios?

I will not talk to the worst options in the world. You know what they are and I know what they are. This process took a little longer than we expected, but it was partly thanks to Meredith's commitment to ensure that it went well.

What feedback did you receive internally?

It was great. Sunday night, I sent a note to the staff, which is public, and the reaction does not come Time employees but from the set Time The diaspora has been extremely enthusiastic. We had a meeting all hands Monday morning and we had joy, laughter and optimism. Everything has been very positive.

What does this short-term purchase mean for Time? Do you foresee additional resources? The ability to hire new staff?

The good thing about Time It's very profitable. In a business environment [as in Meredith or Time, Inc.]we could not reinvest those profits. It was understandable, it's just the reality of how public companies work, profits are used to pay dividends or pay off corporate debt. Our plan, which we have presented to all bidders, is to reinvest profits in our key growth areas, including digital and video, including long-term video production.

We also have a lot of recruitment to do in the months to come because Time becomes an independent business. The time will be, as it was in its infancy, an independent company, belonging to the Benioffs.

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Which parts of society will be at the center of new hires?

We are gathering all of this together now. We will hire for advertising, sales, digital operations and marketing. As an independent corporation, we will not take advantage of the core services of a parent company. This is our goal in the next 90 days.

You mentioned in your note to Time The staff on the purchase that the Benioff encouraged your team to think beyond a five-year strategy, to wonder what might look like Time in 2040. What are your preliminary thoughts on this issue?

We have a very good magazine and a lot of what we do is based on the foundation. Our coverage is phenomenal real estate in journalism, and we are building exciting new projects on this basis.

For example, we launched a new phenomenally successful franchise called "Firsts" last fall.[[[[Editor's note: "Firsts" is a special project dedicated to time, which, in the words of the magazine, "Women who change the world". Blankets and videos have been dedicated to dozens of women around the world.]We had excellent sponsorship opportunities and an excellent public response to the launch of this publication, but also to multimedia.

Our A year in space Documentary, which won an Emmy last fall, began with Scott Kelly on the cover of the magazine. This has turned into an 11 – part digital series on Time.com and two one – hour specials for PBS. We are no longer a weekly magazine, we are one of the largest media platforms of our company. Creation of high-end journalism. This is what we will do in 2040.

You said that the print magazine would remain the center of TimeThe operations –

Center is probably the wrong word. I see it as the foundation of everything we do. We are still the largest print publication in the United States, in terms of the number of subscribers. Magazines focused on the widest possible audience, as the print news sector was primarily advertising. Across the sector, we are focusing more on consumer incomes. Advertising is always the key to what we do, but our revenue is now drawn by readers who like what we do. In addition to this foundation, we build our digital, video, event and new franchise operations. Everything works together. And the impression will be part of what we have been doing for a long time.

Much of the information landscape continues to evolve online. What opportunities do you still see for the weekly magazine? Is there a new life that can be breathed into the format?

One of the many ways that printing still has an impact is our coverage. Our coverage today is not just a printed entity, it has a digital life. He ricochets around the world and raises what we do. And digital opportunities are exhausted.

We have published an entire issue on drones, for example, on how drones modify war, how people are fed and agriculture … we had a story about the first person saved by a drone . Our sales team sold this one to Intel, who created our cover with a drone show in the sky, including our red border. They formed our blanket, including the red border. It was therefore a printed number. But it was also a video and a digital package. We did augmented reality. That's how printing can affect our growth and what we do.

You said the Benioffs will provide advice and mentoring Time develops its brand. The Benioffs also made it clear that they did not intend to become involved in Time's daily operations. How exactly do you view their role in the magazine?

Well, they are the owners and we will obviously be in close contact. We are fortunate to have people who also engage in public issues. But the team here, we will continue to do what we did under Meredith and, before that, under Time Inc.

Marc Benioff is describing himself and his wife as "stewards" of the magazine. What does stewardship mean for you and what do you largely do with the tendency of billionaire investors to acquire legacy publications? Is this a good thing for journalism?

I will let others talk about trends. Publications and media entities have always had owners. And there have always been problems to solve concerning the property. One of the things that is so wonderful about the Benioffs is that they have made it clear that they believe in quality journalism. I think we are well positioned for the future because of that.

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Andrew McCormick is a member of the Delacorte CJR.