Time Out New York for Sale
Written by Edward ChampionPosted on December 3, 2008
Filed Under Time Out New York
The London Times is reporting that Time Out New York is now on the block. The backers of the magazine, which is fond of not paying its freelancers on a timely basis, are hoping that they can sell TONY for $40 million and recoup the 13-year investment. What’s even more interesting is that TONY is allegedly more profitable than the original Time Out magazine based in London. Time Out founder Tony Elliott, who owns one-third of the New York version and cannot afford to buy out his partners, is hoping that he can rustle up some cash. “If somebody offers $10 million, it won’t happen,” says Elliott in the Times article. But given that the Time Out Group Ltd. has shown a loss of £465,000 before taxes during the eleven months leading up to December 2006, perhaps Elliott might wish to be transparent about the current state of his company if he wishes to get more than $10 million. He might also want to start disseminating the measly checks that he still owes to his remaining freelancers to demonstrate his commitment to solvency.
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Ed, the London magazine is in a parlous state. They’ve just made 13 editorial staff redundant, including the Books editor. Quite what will happen to the Books section is not clear.
And I’m intrigued to learn that the habit of not paying freelancers for months is replicated across the Atlantic.