First Newsweek was all but shuttered, and now Time... well, Time's basically being dumped onto a rickety raft and shoved out to sea. David Carr's story for the New York Times about the continuing dismantling of print is interesting for a few reasons, not the least of which is this bit, which is a pretty remarkable indicator of just how different things used to be:
Time Inc. may be baked into the name of Time Warner, but it long ago lost salience as a significant player in the company’s business. Time Inc. earnings dropped 5 percent last year, and the division now contributes less than 12 percent of overall sales at the company. The Time & Life building, a Mad Men era edifice standing tall in the middle of Midtown, was long a revered totem of the publishing business. To people in the industry who came of age back when things were good, Time Inc. was legend, having grown up not just on the force of its journalism but on tales of editors’ offices the size of racquetball courts and liquor carts rumbling through the hall spreading cheer and an aura of privilege.