Tag Archives: Time

The dinosaurs of old media still shake the earth

By Christopher B. Daly

Is all the coverage of Rupert Murdoch’s play for Time Warner a bit of an over-reaction?

The NYTimes, for example, cleared the decks and went all-in, devoting nearly a double truck of today’s Business section to coverage of an 83-year-old business mogul who wants to take over a 91-year-old media company.

Here’s a column/story by Boston University professor David Carr and more stories here, here, and here.

So, it turns out that Murdoch wants to own the company that is a distant relative of the company founded in 1923 by Henry Luce, one of the earliest of the modern media moguls. Luce created TIME magazine with his co-founder and frenemy Briton Hadden, and in its day, TIME was the cool new thing. Over the decades, Time Inc. added more magazines that became household names — Fortune, Life, SI, People, etc. As I wrote in my book Covering America, Luce used his midas touch with magazines to become a wielder of great influence in American politics, culture, business, and foreign policy. In the late 20th Century, Luce’s successors made a series of mergers and acquisitions that transformed a magazine publisher into a multimedia giant. More recently, the company’s executives decided to spin off the print properties, leaving Time Warner as a company with a desirable core of television and film content-makers. That’s what Murdoch wants.

Murdoch himself went through a similar process of corporate cell division last year, dividing his News Corp. into separate print and video divisions. He is using his profitable new company, 21st Century Fox, to gobble up Time Warner. If he succeeds, as he might, it would also represent the final victory of 20th Century Fox movie studios founder Daryl F. Zanuck over his great Hollywood rival, Jack Warner. (Ironically, Zanuck learned the business at Warner Bros., making his bones with “Rin Tin Tin” but left after creative differences with Jack Warner over the making of “Baby Face.”)

It’s hard to find anyone to root for in all this.

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Time Life magazines move downtown

By Christopher B. Daly

I guess the party’s really over. Time Inc., the once phenomenally profitable publishing empire founded by Henry Luce (and Briton Hadden) in 1923, is considering a move out of its landmark skyscraper in midtown Manhattan. According to today’s NYTimes, Time Inc., the company that publishes TIME, SI, People and many other magazines, is heading downtown — way downtown, to 225 Liberty St., a building just west of the site of the new Liberty Tower and the memorials to the fallen Twin Towers of the World Trade Center.

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In its heyday, of course, Time Inc. was a powerhouse of profit, prestige, and political heft, as I wrote about in my book Covering America. After outgrowing its space in the original Rockefeller Center, Time Inc. was offered its own building across 6th Avenue. In 1959, Rockefeller Center expanded to the west side of the avenue with a building erected just for Time Inc., known as the Time & Life Building, at 1271 6th Ave. Here’s a version by Dan Okrent, from his book Great Fortune: The Epic of Rockefeller Center. (Fun Fact: Dan was hired by Time Inc. in the 1990s to bring the company’s portfolio of magazines online, but that’s another story.)

What [architect Wallace Harrison] did deserve credit for was what Vincent Scully called the “incoherent splatter of skyscrapers” marching down the west side of Sixth Avenue. This western expansion of Rockefeller Center began with Harrison’s new Time & Life Building in 1959 and degenerated from there, a row of marble megaliths that seemed informed less by the doctrines of the International Style than by some for of totalitarian nightmare. . .(427)

One of Time Inc.’s neighbors in recent years has been News Corp, which occupies its own totalitarian megalith just south of the Time & Life Building. Other neighbors: NBC, CBS, CNN, and (until a few years ago) The AP.

I wonder who will be next to bail out from midtown?

Time & Life Building Photo by Richard Drew/AP

Time & Life Building
Photo by Richard Drew/AP

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