Morning Media Newsfeed: Gibbs Helms Time | Fox News Shuffles Lineup | Penthouse Reeling

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Time Magazine Names Its First Female Managing Editor (NYT)
Nancy Gibbs was named the new managing editor of Time magazine on Tuesday, the first woman to become the top editor at the newsweekly in its 90-year history. Gibbs, who started at Time as a fact-checker 28 years ago, succeeds Richard Stengel, who is leaving to work for the State Department after seven years in the job. She was most recently Stengel’s deputy. The Wrap “I cannot think of a more perfect person than Nancy Gibbs to lead Time,” said Time, Inc. editor-in-chief Martha Nelson. “With Nancy at the helm, I expect Time to continue to flourish and grow on every platform.” WWD Gibbs’ first order of business, she said in an interview following her appointment, is a relaunch of Time.com in November that she said prepares it to fight off the competition. In the context of describing the new site, which is led by Edward Felsenthal, formerly of The Daily Beast, Gibbs also mounted a defense of the relevance of the weekly. Adweek While Gibbs said that she was more than content as a writer — and plans to continue writing, both for the magazine and books, as managing editor — the opportunity to play a larger role at Time was hard to turn down. FishbowlNY Gibbs was previously deputy managing editor and ranks as one of the most published writers in Time‘s history. She also holds the distinction of having written the most Time cover stories and has co-authored, with colleague Michael Duffy, the presidential histories The President’s Club: Inside the World’s Most Exclusive Fraternity (2012) and The Preacher and the Presidents: Billy Graham in the White House (2007). Time Gibbs: “I am committed to using every new tool — and those not yet invented — to engage readers in a conversation with the world’s best thinkers about what works, what’s smart, what’s scary, what’s stirring, and I will always invite you to help us, challenge us, correct us, join us.”

Fox News Announces New Primetime Lineup: Van Susteren at 7, Kelly at 9, Hannity at 10 (TVNewser)
Fox News has announced a revamped primetime lineup that will launch in October, ending months of speculation about new timeslots for Megyn Kelly, Sean Hannity and Greta Van Susteren. Beginning in October, Van Susteren’s On the Record will move to 7 p.m. ET, Kelly’s brand-new The Kelly File will take over the 9 p.m. ET timeslot and Hannity will shift an hour later to 10 p.m. ET. HuffPost This move puts to rest months of speculation about how the network would change its schedule to accommodate the ascension of Kelly, who has become a key face of the channel in the past few years. Politico / Dylan Byers on Media In making the announcement, Fox News chairman and CEO Roger Ailes said, “As the network continues to dominate with the top 13 programs in cable news, FOX News already redefined primetime viewing to extend well beyond the antiquated 8-11 p.m. format.” TVNewser For those of you keeping score at home: This is just the fifth time in 17 years that Fox News has made changes to primetime. By comparison, CNN and MSNBC have changed their lineup a total of 75 times since 1997. CNN has made 31 changes in that time while MSNBC has made 44 changes. NY Mag / Daily Intelligencer The only person staying put is Bill O’Reilly, at 8 p.m., because he’d probably flip out otherwise.

Penthouse Publisher FriendFinder Files for Bankruptcy Protection (WSJ)
Penthouse magazine publisher FriendFinder Networks Inc. filed for Chapter 11 bankruptcy protection under a deal that would see it return to the hands of its founders, who sold their collection of adult social networking websites to the company nearly six years ago. FriendFinder, hit by decreasing traffic to its many social networking and adult content websites, sought Chapter 11 protection along with 38 affiliates in the U.S. Bankruptcy Court in Wilmington, Del. LA Times FriendFinder Networks Inc.’s move comes as many in the adult entertainment industry struggle because of an increase in free online options. The Boca Raton, Fla., company said bankruptcy was “the most efficient and cost effective way for the company… to continue to operate our business.” NY Post “Like all magazines, it’s struggling,” said one source briefed on the situation. But the glossy girlie mag founded by Bob Guccione, whose monthly circulation has sagged to less than 200,000 from 5 million at its peak, is being circled by New Jersey-born entrepreneur Jeremy Frommer, according to insiders. Forbes CEO Ezra Shashoua blamed the bankruptcy filing on dropping revenue due to decreased memberships, credit card companies that refused to process the company’s online transactions and increased affiliate advertising costs. The company hasn’t reaped a net profit since 2008. FishbowlNY Meanwhile, assets for FriendFinder Networks were listed as $10 million plus a lot of men who enjoy looking at pictures of naked ladies.