Changes engender unease at Fast Company

E RIC

Schurenberg, the editorin-chief and president of Inc. Media, is being elevated to CEO of parent company Mansueto Ventures, Media Ink has learned.

The news comes as Bob Safian, the longtime editor and managing director of Mansueto’s Fast Company, announced last week he would be leaving the company owned by billionaire Joe Mansueto at the end of January, ending an 11-year run at the top.

The top spots at both magazines are open — and it is no sure thing that they will be filled. “TBD,” said a spokesman. As for Safian’s plans, the company veteran told Media Ink, “I’m not ready to share specifics yet, but I’ll keep you posted.”

Last week, Safian told Adweek. “Fast Company is a franchise all about change, and I have reached a point where it’s become clear that it’s time for me to make a change, too.”

Safian acknowledged he had no destination in mind.

Schurenberg held a town hall meeting last Thursday to let employees know what is happening — but he may need to call another one soon.

“Normally, they cut around the edges, but they seem to be cutting from the top this time,” was the takeaway from one insider.

In a memo to staffers released around the time of the town hall, Schurenberg revealed that Lori Hoffman, the director of editorial strategy at Fast Company, has resigned.

Christina Langdon Cranley, the chief revenue officer of Fast Company, is also out. In a bit of an embarrassment, Schurenberg flip- flopped her surname in announcing her departure in the memo.

“Eric misread Christina Langdon Cranley’s name on a memo, which just had an initial for her last name,” said a spokesman. “He apologizes for flipping her name around — it was not intentional.”

Neither Hoffman nor Langdon Cranley could be reached for comment. Both magazines said earlier this year they were cutting frequency to eight issues in 2018, from 10 this year.

Slim fade-y

Adios, amigos. Carlos Slim, the Mexican telecommunications mogul, has sold half of his shares of common stock and warrants in the New York Times Co., valued at just under $240 million.

With the stock up 50 percent in the past year, Slim appears to be reaping a huge profit.

The 77-year-old investor was the single largest shareholder of common stock at NYT before the selloff.

Divesting the warrants for future shares means he is cutting down what would have been a 16.9 percent stake — had he kept the warrants for himself — to somewhere between 6.9 percent and 8.5 percent of the shares after the selloff.

The Ochs-Sulzberger family still controls the board through its Class B shares.

With the selloff, it appears entities controlled by Slim and his companies could be the second-largest NYT shareholder, behind BlackRock’s 8.1 percent stake.

Slim had bailed out the NYT Co. with a $250 million loan at the height of the financial crisis in 2009.

The company paid back the loan in 2011, but as part of the deal, Slim exercised warrants to snap up Times’ shares at a discounted price.

Slim announced his divestments in an appendix to a regulatory filing on Dec. 4. It was unearthed by Bloomberg on Tuesday.

“Carlos Slim became a shareholder of The New York Times Co. at a critical time in the company’s history,” an NYT spokeswoman said. “We are grateful for Mr. Slim’s confidence and support of the company.”

The selloff comes at the changing of the guard at the top as Arthur Gregg Sulzberger is slated to take over as publisher from his father, Arthur “Pinch” Sulzberger, on Jan. 1.

Hearst D-spersed

Ho, Ho, Ho. The magazine division of Hearst, one of the surviving Big Three legacy magazine publishers, late last week doled out $500 Christmas bonuses to all of its rank-andfile employees.

The largesse was not spread to other Hearst operations, such as its 20 percent stake in ESPN or the business-to-business operations or newspapers.

But the magazine division that includes Cosmopolitan, Harper’s Bazaar, Elle, Good Housekeeping and other titles did get close to $1 million in year-end bonuses last Friday.

Publishers, chief editors and other top managers were exempt, but one source estimated it went out to close to 1,700 employees. Privately held Hearst does not disclose its profit and losses, but it suggested that Hearst was not as wracked by financial woes as rivals Time Inc. and Condé Nast.

One knowledgeable source said that Hearst’s US magazines were off slightly from 2016 just like everyone else in the business, but increased their market shares as they slipped less than rivals. Hearst also got a lift from its international ops.

Officially, Hearst declined to comment on the bonus or its revenues and profit for the year.