Last night The New York Observer broke the news that Time Inc. executive vice president John Squires is leaving the financially troubled institution to work on a new digital media project with some of the biggest titles in magazine publishing…including some of Time’s own.
According to the Observer:
“The company will prepare magazines that can work across multiple digital platforms, whether the iPhone, the BlackBerry or countless other digital devices. The company will not develop an e-book, but create something that people familiar with the plans compare to iTunes — a store where you can buy new and distinct iterations of The New Yorker or Time. Print magazines will also be for sale.”
This comes after weeks of bad news over at Time, which stopped the clock for buyouts last Wednesday and is expected to make further staff cuts this holiday season in order to make its goal of $100 million trimmed from its budget. It’s no secret that the magazine industry is hurting financially and is desperately drawing at straws on how to cash in on their Internet content, and Squires has always been forward thinking on that front. Why he would leave Time during such a turbulent period to work for a start-up that basically combines all the ailing titles’ online identities, including his own, is anyone’s guess. But we’re waiting with bated breath to see what happens when the already muddled Condé Nast Digital group teams up with Squires. Hey, it’s so crazy it just might work!
(Photo via Time Inc.)