Word: felkerism
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Dates: during 1970-1979
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...good guy in the story is Clay Felker, editor of all three magazines. Felker took over New York, originally the Sunday supplement to the now defunct New York Herald-Tribune, when that newspaper folded in 1968, and made it into the model for slick magazines centering around a particular city. He made money too--revenues of $26 million last year. But Felker started New West last year, and spent about $2 million more than the allotted $1 million budgeted for the magazine's first year of publication; the result was four straight quarters in the red. New York stock, with...
...Friday, Clay S. Felker, New York Magazine Company president, resigned, after Murdoch consolidated his financial control of the company last week...
Wilson originally joined the board after being invited four years ago by Felker, who is a personal friend...
...Bottom Line. Start-up costs of New West, originally estimated by Felker at $1 million, ran over $3 million. Though New West is fat with ads and has a heady 240,000 circulation, expenses are outstripping revenues. Village Voice is still profitable, but its net income has dropped since the takeover. Thus, for the first time in years, N.Y.M. Co. will post an operating loss...
...Felker's personal grandeur may match his managerial overreach. Since last spring he has asked for: 1) a 25% increase in his 1975 salary of $120,461. 2) the wherewithal to buy a house in Long Island's ducal Hamptons, and 3) company purchase of his super-duplex. His directors, in New York parlance, cut him off at the bottom line...