Alexandra Steigrad of Women’s Wear Daily writes about the changes occurring at Bloomberg Pursuits, the media company’s luxury personal finance magazine.
Steigrad writes, “In the months that followed, Tyrangiel dismissed Pursuits editor in chief Ted Moncreiff, along with his small editorial team, and he installed Etc. editor Emma Rosenblum as top dog at the luxury title. According to sources, the move was to counterbalance the losses Businessweek was still suffering. In 2009, Businessweek reportedly was losing about $40 million a year. Bloomberg had purchased the magazine from McGraw Hill and assumed roughly $30 million in debt at the time. Tyrangiel reportedly hasn’t been able to stem the losses, and the magazine is still losing about $40 million annually. Pursuits, on the other hand, was making money since it launched in 2012. Bringing Pursuits under the Businessweek umbrella improves the profit and loss statement.
“The media firm declined to comment.
“Back to Pursuits. Insiders told WWD that new advertisers were emerging and that weeks before Moncreiff was dismissed, the title picked up new ads from a luncheon with the editor. Insiders speculated Moncreiff’s firing had to do with his loose budget, but then again, Bloomberg isn’t wary of spending money, another source said. A prevailing theory is that Tyrangiel had been eyeing the property, and that the higher-ups trust the young editor to transform Pursuits into something more similar to Businessweek’s popular Etc. section.
“Rosenblum, the former editor of Etc., will likely give Pursuits a snappier, younger voice. Her first issue will come out this summer.
“Markets magazine could get a rehaul next, insiders said, noting that even though Tyrangiel is the golden boy today, he could face pressure as Micklethwait comes in and looks to put his own stamp on the media company.”
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