Signaling a push into the social media space, Forbes announced that it has agreed in principle to acquire Web-based news outfit True/Slant and that its founder and CEO as well as a Forbes alum, Lewis Dvorkin, would be rejoining the company.
Dvorkin (pictured) will head up all editorial for Forbes as chief product officer as of June 1, with all editorial staff reporting to him. He also will oversee a rebuilding of Forbes.com and a redesign of the magazine over the summer.
Previously, Bill Baldwin and Paul Maidment oversaw all editorial and reported to Forbes Media chairman and CEO Steve and his brother Tim Forbes, president and COO. They'll now report to Dvorkin.
"These times demand new models for delivering information and engaging audiences and for the ways we run our business," Tim Forbes said in a statement.
"Forbes mission and message will not change," he continued. "There will be new opportunities for people inside Forbes; new opportunities for audiences to have a deeper relationship with Forbes; and new opportunities for marketers to engage with our important audiences."
Once seen as a new-media pioneer, Forbes has been going through a major retrenchment during the recession, reducing frequency of its flagship magazine and cutting staff in the face of deep declines in print advertising.
Dvorkin was executive editor of Forbes magazine from 1996 to 2000. He left to join AOL as svp, programming, before starting True/Slant two years ago. Forbes was an original investor in True/Slant, a social media company where contributors provide their expertise across various topic areas.
In a post on Trueslant.com, Dvorkin said that the goal of the deal was to "further develop a mind-set around the power of the Web and traditional news values."
He added: "With hard work, we can implement new blogging platforms and more efficient digital, print and video content creation models; we can find better ways for audiences to engage with news and information; and we can pursue new integrative approaches for marketers and advertisers."