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Source Memo Virtually No Advertisers Will Commit to LongTerm Ad Programs

first_imgAs first reported by FOLIO: this week, financial publisher Source Media is reorganizing its more than 60 magazines into four business groups—banking, capital markets, technology and professional services—and is recasting editorial staffs for each of its individual brands and rolling editors into combined units for each of the four new groups, “pooling” editorial by market. In an 1,830-word memo announcing the reorganization to staffers, CEO Jim Malkin provided a detailed account of the hurdles plaguing the financial services and information publishing industries, and the debt market: I’d like to take some of your time to fill you in on the state of our business. In reading our publications, watching or reading the news or following the political debate, we are seeing a downward business cycle and economic fall off of significant proportions. It is my belief that the earliest this cycle will turn will be by the end of 2009. I am certain that you are all familiar with the current state of the financial services industry, the conditions of the evolving information publishing industry and the state of the debt market. I want to explore in this letter how these national, regional and industry trends impact our company and what we intend to do so that we emerge healthy and robust when this cycle turns.Financial Services Industry Our clients in the financial services industry are getting clobbered. Wall Street lost a record $11.7 billion in 2007 and another $22.4 billion in the first quarter of 2008. Wall Street is expected to cut 25,000 jobs from its September 2007 peak of 188,000 jobs – a 13.4% decline. It is estimated that 74,000 financial services jobs have been cut over the past 12 months.Our clients who advertise to our readers don’t know what they can successfully sell to firms that are unsure of their future. There are fewer industry participants to subscribe to our services and virtually no advertisers who will commit to long-term advertising programs. Information Publishing IndustryWe have talked about the change in readers’ habits in the electronic age. We have talked about the change from print to on-line advertising. Although our on-line advertising has been increasing at a healthy rate and in line with industry averages, print remains the bread and butter of our revenues. It should come as no surprise to you that our print advertising revenues are experiencing a significant fall off this year. Other media and newspaper companies are reporting print advertising to be off by 5% to 25%. SM’s print advertising is off of last year’s levels by 17% or $6.8m. Print based revenue still comprises almost 57% of our total revenue.Debt Market Our debt, which we have been paying down since our acquisition in November 2004, stands at $172m. Despite our healthy “performing loan” status and our low leverage ratio of about 4.5X, our interest costs have increased by 30%, which translates into an additional $4.3m of cash interest payments that we have to pay each year to our lenders.What does this mean to you? It means that the entire enterprise, SM and Accuity, has to be positioned to:A: Establish a structure that can operate more effectively in this environment – more effectively in terms of content creation, product development and sales/marketing execution. B: Take advantage of the cycle when it eventually turns upward (and remember that the entire economy relies on the financial services sector to kick-start the rest of the economy).C: Generate sufficient cash to cover expenses, which now include the additional $4.3m in interest and, crucially, to generate the monies needed to provide funding for growth initiatives. This is the third major down cycle I have managed through. Although it is the most severe, I am confident that the steps we take will see us through this and that we will emerge a stronger and better business. We will be better positioned to support our clients and to serve their needs with integrated solutions that provide value.After extensive discussions with people within our organization and with outside consultants, our Board of Directors has approved our new operating structure and has reaffirmed its desire to grow SourceMedia and Accuity into the future under Investcorp’s ownership. The SM publishing business will be divided into four communities:Banking Banking will now comprise the following groups: American Banker, Banking magazines, the Mortgage Group, the Payments Group and Credit Union Journal. Jeff Scott, as President and Managing Director of Banking, will report to me. Tim Murphy, John DelMauro and Frank Diekmann will report to Jeff within this community. Capital MarketsCapital Markets will comprise the Bond Buyer, FCC and the majority of the Capital Markets newsletters. Mike Stanton will head this Community as Executive VP and Managing Director of Capital Markets.All existing sales positions including Naz Bayazit, Lou Fugazy, Bill Baneky and Tara Gonzales will report to Mike.Technology This group will comprise DMR, BIR, HDM, INN, SIN and Traders. Rob Whitaker will head this Community as Executive VP and Managing Director of Technology. Reporting to Rob will be Ken Heath of Traders and Dan Rubinetti who will assume responsibility for sales management for the rest of the group.Professional Services This group will combine the Investment Advisor, Employee Benefits and Accounting Groups. Mike Dukmejian will be joining SourceMedia as Executive VP and Managing Director of Professional Services. Mike joins us from Time Inc where he was Group Publisher of The Fortune/Money Group and CNNMoney.com, Publisher of Mutual Funds Magazine, Director of Sales Development, Sports Illustrated and Corporate Marketing Director for Time Inc. Reporting to Mike will be Jim Callan, Dan Goldemen and Jack Lynch.New product development is an area in which SourceMedia needs to devote more effort and resource. Accordingly, we are establishing two new positions within the company to drive new growth initiatives.Adam Reinebach and Patrick Toner will each serve as VP of Business Development. Adam will work with the Professional and Technology Groups reporting to Mike and Rob, while Patrick will work with the Banking and Capital Markets Groups reporting to Jeff and Mike. Each of the community heads noted above will have responsibility for strategy, acquisitions, partnerships and the revenues for all of their brands’ activities in print, on-line, conferences and events.Therefore we will be disbanding the central conference group and re-aligning its resources to serve the needs of our communities. Sales and program development will report into the communities, marketing will report into central marketing and operations will report to our central operations group. As advertisers place high value on face to face interactions with clients, it is crucial that program development, editorial and marketing work closely and effectively together.One of the most commercially successful community-building brands that our company has established is the 25 Most Powerful Women in Banking franchise. I believe the success of MPWIB should serve as a template for the development of niche communities for each of our brands. We have the reach and the distribution and now need to aggressively move forward in creating and maintaining similar franchises. This is perhaps our biggest new opportunity. Holly Sraeel will assume the newly created position of SVP Brand Management, reporting to me. She will develop professional networking communities for our brands following the WIB model and will assume the additional title of President, 25 MPWIB. The Editorial functions for all of our products will be combined into one group under David Longobardi as Executive VP, Chief Content Officer. This will permit us to more readily share content, to provide consistent quality to our readers, to facilitate our journalists’ career paths across the organization and to support our brands with editors who can draw from a large pool of talent and resources. I feel very strongly that we need to do more to support our efforts in content development and creation across our organization; despite the best efforts of an editorial council, we need to be more proactive still in seeking cross-brand opportunities and establishing best practices and common standards for our products. We will be working through this year to implement the workflows and processes, and establishing the relationships necessary to make Editorial function optimally for our communities. Further details will be issued under separate cover by David Longobardi later today.As a result of the changes in our communities, senior managers David Greenough, Greg Gillespie, Bill Dimodugno, Maria McDaniel, Bill Bell, Robert Mitchell and Tim Reifschneider will leave SM. We wish them the best in the next chapter of their careers. There are a number of other changes which will more effectively support the new organization described above, and they are:Andria Wirth has decided to devote the next chapter of her career to raising her new daughter and we trust that she will be as successful in that endeavour as she has been with SM. Rich Antoneck will be promoted to Sr. VP, Financial Operations and will be responsible for our Finance and the Accounting Groups. Reporting to Rich will be Rebecca Knoop who will be promoted to Executive Director, Finance.Further details will be issued under separate cover by Bill Johnston later today. Classified Advertising will be centralized under Steve Andreazza. This group will sell classified advertising across all our brands and will be lead by Joanne Kao, reporting to Steve.Marketing will be restructured to provide coverage of all marketing activities (advertising, audience development, delegate and exhibitor marketing) under a Group Marketing Director for each community. The Marketing Directors will report to Anne O’Brien with a strong dotted line to the community heads. Further details of this organization will be issued under separate cover by Anne O’Brien later today. As noted earlier, conference operations will become part of our central operations group under Celie Baussan. All hotel bookings, venue management and other operational activities for our conferences and events will be handled by that group.The NRS and Accuity businesses will be consolidated under the leadership of Hugh Jones, President of Accuity. There is a huge market opportunity for us in the compliance and regulatory space across our business units. John Gebauer has done a terrific job of building the NRS business to its current level and will continue to play a key role in the senior leadership of our company. I believe that the benefits of bringing the data and credibility of Accuity together with the expertise and talent of NRS will be significant.Further details will be distributed under separate cover by Hugh Jones later today. One additional note to this already lengthy and important communication: in January of this year, Jeff Scott, respected colleague and good friend, began speaking with me about wishing to make a career change. He and I agreed to spend the year working through a process that would best serve the needs of SM and the needs of Jeff who is looking for a more hands on role in a technology and data business. We will continue working through this process and I expect that within the next several months we will hire a new community head for Banking and Jeff will find a position outside of SM.Please think this through and join the smart people in this organization who will work through the complex details necessary to make this work for our business now and in the future. As noted, there will be further communications about each group. Should you have questions please address them to your manager or to me.Jim To All SourceMedia and Accuity people: last_img read more

Galaxy F would be a terrible name for Samsungs first foldable phone

first_img Now playing: Watch this: Phones Best Buy Samsung’s Galaxy-something is already building up plenty of buzz as the first foldable phone by a household brand. Foldable phones are expected to change the way that people use their devices by giving you a larger screen surface in a small enough package to carry around. Samsung is moving quickly to get its product on sale ahead of rivals.But chances are high that Samsung’s foldable phone won’t knock it out of the park on its initial attempt. As one of the first of its kind, this foldable phone and others face staggering challenges in how they’re designed and how well the apps work with a bendable body.”I can’t stress this enough, this is a beta product,” said Stephen Baker, VP of industry analysis at NPD Group. “All these problems should be expected and anticipated, and as the first version this is an early adopter product for consumers who like to be on the bleeding edge.” How To • How to take badass car photos with your Galaxy S10 Plus We don’t know much about Samsung’s foldable Galaxy phone, including its name. Angela Lang/CNET A foldable phone by any other name may not sound as sweet. Samsung has already shown off the foldable Galaxy phone on stage and confirmed it’ll come in the first half of 2019 — but it doesn’t yet have a real name. There are at least four rumored front-runners, including the Galaxy X, Galaxy F, Galaxy Flex and Galaxy Fold. Samsung, unsurprisingly, did not respond to my request for a heads-up on the official name (it would like to keep that a surprise). But one of these candidates is undeniably the worst.Samsung should definitely not choose “Galaxy F.” In the US at least, “F” is for “fail,” the lowest grade a person or thing can get. And no product wants to be linked to failure, or to “the F word.” The mind just doesn’t leap to “foldable” or “fantastic.” Samsung The 30 worst phone names of all time 2:17 Any product marketer will tell you that names matter. Brands can spend hundreds of hours on market research to select the right name that conveys the right message to buyers. Pick wrong and you might fail to connect with your desired demographic or worse, offend them in their native land and language.Both negative connotations for “Galaxy F” would open up Samsung to endlessly creative criticism akin to the worst online bullying, especially if the foldable phone turns out to be anything other than “s” for “stellar.” (For the record, the “S” in Galaxy S stands for “Super Smart.”) Samsung’s foldable phone is here, with brand-new One UI for Android 21 Photos Share your voice Sprint Xiaomi’s double-folding phone looks impressive in teaser… Now playing: Watch this: Samsung’s first foldable phone may be awkward, but it, and others, are an essential first step into learning what to do and not to do when making devices with bendable screens.”We believe that devices with flexible displays will eventually become a larger part of the market as prices drop, designs improve and usability issues are overcome,” said Ben Wood, chief researcher at analyst firm CCS Insight. Samsung will want to put its best foot forward. News • Samsung Galaxy S10, S10E and S10 Plus updates are already waiting for you It may be too late for the electronics titan to whip up excitement by taking fan suggestions, as Xiaomi is doing for its remarkable-looking phone prototype that folds on both ends, and as Google did for Android N. But it isn’t too late for Samsung to think long and hard about its legacy and steer clear of any name that could expose it to one of the internet’s most vicious “F”s: flaming.Published: Jan. 28 at 4:00am PT.Update: Jan 29 at 3:00am PT with minor edits. 22 The Galaxy S10 arrives Feb. 20 but the photos are here now $899 Mentioned Above Samsung Galaxy S10 (128GB, prism black) 31 Photos Samsung Galaxy S10 Galaxy V because it’s a flat line folded almost in half~— 👾.ashley.🎙 (@AshleyEsqueda) January 23, 2019 See It $899 What we know about Samsung’s foldable phone See It $899 See it Comments 1:28 Abt Electronics $899 They had better not call this thing the Galaxy F… https://t.co/95PmNf9nnh via @jdolcourt— Dan Ackerman (@danackerman) January 23, 2019 See It Galaxy X? Galaxy F? Samsung’s foldable phone faces 9 big issues.Everything we know about Samsung’s first foldable phone. CNET may get a commission from retail offers. As a name, “Galaxy X” (pronounced “ex,” not “ten”) has the right kind of sizzle. Think of how the phone’s shape could play into an “X” form and all the adjacent marketing about the device having the “X” factor. Samsung would run the risk of copycatting the iPhone X, and while it’s unlikely to result in another dragged-out lawsuit, such a name would perpetuate the dreaded (and not totally fair) “Samesung” reputation. And with the “X” name painting Apple into a corner, it’s something Samsung would want to sidestep anyway.Perhaps Samsung should take my colleague Ashley Esqueda’s safer suggestion to go with the Galaxy V, because it looks like a foldable phone opening or closing. Of course, V is the Roman numeral “5.” There’s always something. Review • Galaxy S10 review: As good as the S10 Plus, in a smaller package Tags 36 Photos A better name for a foldable phoneSamsung’s naming dilemma is extra potent because the expected reveal of its foldable Galaxy phone comes at a time when the tech giant will also unveil the Galaxy S10. That model will have a more traditional glass slab look and feel that should appeal to the mass market, but Samsung will likely show off a fully working version of its foldable phone to add drama to the event and to underscore Samsung’s ability to keep innovating, even a decade on. It’s unclear if Samsung would also announce the phone’s name here or simply tease a later dedicated event, rumored to take place in March. Whenever Samsung does share its name, there are plenty of more harmonious options than the foreboding “F.” Galaxy Fold and Galaxy Flex are infinitely better, but still pretty tame considering what a watershed moment this is for Samsung’s brand, which holds the coveted title of world’s largest smartphone maker. Also, LG already had a “G Flex” as recent as 2015 so “Flex” could wind up on the cutting room floor.last_img read more

Biswajit murder case verdict 6 Aug

first_imgBiswajit murderA High Court bench on Monday fixed 6 August the date to deliver the verdict of the death references and appeals in old Dhaka’s Biswajit Das murder in 2012.The bench of Justice Md Ruhul Quddus and Justice Bhishmadev Chakrabortty fixed the date after concluding hearing on the death references and appeals.Biswajit, 24, a tailor, was hacked to death in public on his way to his tailoring shop at Shakharibazar in Old Dhaka during a countrywide road-blockade programme on 9 December 2012.A Dhaka court sentenced eight activists of Bangladesh Chhatra League, the student wing of ruling Awami League, to death and 13 others to life in jail for killing tailor-shop employee Biswajit Das on 18 December 2013.Eight of the convicts are in jails whereas 13 others, including two with death sentence, are on the run.last_img read more