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Time Out Chicago magazine is ceasing print operations and going all digital, according to sources.
The move comes as billionaire Chicagoan Joe Mansueto, the majority owner of Time Out Chicago, plans to sell his stake in the nightlife, music and shopping magazine to a partnership that publishes the Time Out brand in dozens of cities around the world.
No firm date has been set to shut down print operations, but the move will happen at some point this spring, according to a source with knowledge of the deal. Crain’s Chicago Business was reporting Tuesday that Mansueto was selling his stake for $4 million.
Time Out President and Editor-In-Chief Frank Sennett declined to comment Tuesday.
Time Out Chicago’s top executives are expected to be dismissed by April 1 and other staff cuts are expected. Time Out Chicago currently has 30 editorial and 12 art and production employees.
The decision comes despite recent revenue and circulation growth and is seen as a strategic move that will allow for easier expansion of the Time Out brand into other cities, the source said.
Time Out Chicago was started in 2005, backed by Mansueto, CEO of Chicago investment research firm Morningstar Inc. Mansueto is also an investor in Wrapports LLC, which owns the Sun-Times newspaper.
http://www.suntimes.com/18967816-761/time-out-chicago-to-nix-print-magazine-go-all-digital.html
The move comes as billionaire Chicagoan Joe Mansueto, the majority owner of Time Out Chicago, plans to sell his stake in the nightlife, music and shopping magazine to a partnership that publishes the Time Out brand in dozens of cities around the world.
No firm date has been set to shut down print operations, but the move will happen at some point this spring, according to a source with knowledge of the deal. Crain’s Chicago Business was reporting Tuesday that Mansueto was selling his stake for $4 million.
Time Out President and Editor-In-Chief Frank Sennett declined to comment Tuesday.
Time Out Chicago’s top executives are expected to be dismissed by April 1 and other staff cuts are expected. Time Out Chicago currently has 30 editorial and 12 art and production employees.
The decision comes despite recent revenue and circulation growth and is seen as a strategic move that will allow for easier expansion of the Time Out brand into other cities, the source said.
Time Out Chicago was started in 2005, backed by Mansueto, CEO of Chicago investment research firm Morningstar Inc. Mansueto is also an investor in Wrapports LLC, which owns the Sun-Times newspaper.
http://www.suntimes.com/18967816-761/time-out-chicago-to-nix-print-magazine-go-all-digital.html
