Talk Magazine Suspends Operation

Posted on January 18, 2002

Talk Media has suspended publication of Talk Magazine, effective with the February issue currently on newsstands, it was announced by Talk Media chairman Tina Brown and president Ron Galotti. The announcement was made following discussions between Talk Media and their partners, The Hearst Corporation and Miramax Films. Brown and Galotti said the terrorist attacks on September 11th, which deepened the advertising recession, made it extremely difficult to continue Talk. Talk magazine was launched in August, 1999 and had a circulation of 670,000.

"We all had to recognize that 9/11 changed everything," said Brown and Galotti. "It made it virtually impossible for a stand alone title like Talk."

Talk Miramax Books, owned solely and operated by Miramax Films with Ms. Brown as chair and Jonathan Burnham as president and editor-in-chief, is not being closed and will continue its normal operations.

Tina Brown said, "It cannot be anything but sad for all of us. The editorial and business staffs of the magazine did everything that was asked of them by Ron and me -- and more. They created a global brand and a circulation of 670,000 -- up by 20% from the year before. Unfortunately, we simply had to be realistic about the fact that 2001 and 2002 to date represent the worst period in memory for general interest magazines."

Galotti said, "Talk had a great response in the advertising community, finishing one of the toughest years in the business with a 6% increase in pages -- versus a significant industry-wide decline -- and a 25% increase in revenue over the past year. We were on track for 2002 when the impact of 9/11 transformed the business landscape."

Talk Miramax Books has established itself as a profitable imprint, with four New York Times best-sellers (Ice Bound, Stolen Lives, Artemis Fowl, and Density of Souls) during its first year. Upcoming Talk Miramax titles include books by former NYC Mayor Rudolph Giuliani, former Secretary of State Madeleine Albright, attorney David Boies, and Queen Noor of Jordan. Miramax Films has optioned film and/or television rights to over a dozen Talk Miramax Books titles.