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'Time' Publisher Donald Fries Steps Down

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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