Time magazine has launched a business news website called Time Business, reports Mark Stenberg of Adweek.
Stenberg reports, “Time declined to share any internal benchmarks it has set for the new project, including revenue, traffic, or headcount, though it hopes to devote 10% of its newsroom staff to Time Business ‘in the future,’ according to a company representative.
“Time’s ownership under the Meredith Corporation prior to 2018 placed certain limits on its coverage to prevent various portfolio media properties from cannibalizing each other. Now autonomous, the publication hopes to recover some of the breadth of scope it ceded, said CEO and editor-in-chief Edward Felsenthal.
“‘The business focus was at Fortune, the sports focus was at Sports Illustrated, the culture focus at People,’ Felsenthal said. ‘Now, out on our own, one of the things we’ve been able to do is reclaim some of that territory.’
“Of course, appealing to readers interested in business has its perks: professional audiences will pay to access content that will help them do their jobs better. They can also expense the cost, making it a less volatile and more fertile ground for publishers.”
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