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Fashion advertisers are committed to print. It's still a growth business, almost as much for the advertisements as the editorial content.
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Constant change is going to be with us forever.
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Sentimentality is probably the biggest enemy for the magazine business. You have to embrace the future.
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The U.S. business for most magazines is a moderate growth business. The international business - especially in China and Russia - is a faster growth business.
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We would buy more magazines if they are category leaders. We like to acquire earnings potential.
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Big media companies can't be like big battleships; they have to feel nimble.
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You almost have no choice but to continue to innovate because if you don't, you are likely to atrophy rather than expand.
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It's hard for us to pay $200 million for properties that don't make money.