Donald Fries, publisher of
Time magazine, is resigning at a crucial time for the Time Inc. title, as its rival
Newsweek--a Washington Post Co. magazine--is undergoing a reorganization
and redesign.
Mark Ford, president of Time Inc.'s newsmagazine group--which also includes
Fortune and
Sports Illustrated--will take over ad sales for
Time. The
departure of Fries follows the retirement last fall of Edward McCarrick, the worldwide publisher of
Time magazine, amid a broad restructuring at Time Inc. McCarrick, a 35-year veteran, was not
replaced.
Time's newsstand sales rose more than 28% in the six months ended Dec. 31 from a year earlier, buoyed by interest in the U.S. presidential election. But ad pages slumped 19%
in 2008 from 2007.
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