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Meredith's Magazine President Doug Olson to Samir Meredith’s Magazine President Doug Olson To Samir “Mr. Magazine™” “We’ve made a pretty big bet that magazines are not going out of style with our acquisition of the Time Inc. portfolio of brands. We continue to be very excited about the future of these brands in all platforms, whether it’s in print or digital or social. Allrecipes is a perfect example of one of the brands that we took from digital and turned it into print, so obviously it has a very large footprint in digital, but the print continues to grow.” Doug Olson… “At the end of the day, I think the beauty of the new Meredith Corporation is that we understand there is some transitioning or shifting going on, but we believe we’re in a place to participate in that too. But at the end of the day, if you want to reach consumers in a very credible way, we also have these big brands that have lots of tentacles on them, including a very large print footprint. It’s really interesting to me that a lot of these social media people keep coming to us because they want to have a print presence, because it legitimizes their social standing. If they can see it in print, it confirms that they made it.” Doug Olson… As a diversified, publicly-held company, Meredith Corporation encompasses a vast array of magazines and magazine media entities that vary from its female-oriented consumer brands, such as Allrecipes and Better Homes & Gardens, to its expanded reach through acquisitions and strategic partnerships, such as its recent purchase of Time Inc. Meredith is now the largest magazine media company in the country. Meredith’s Magazine President Doug Olson, is excited about the incoming titles that Time Inc. brings to the table, and is ready to roll up his sleeves and get busy. The future looks very bright indeed for Meredith and the additional family members it has brought into the fold. Doug Olson President Meredith Magazine I spoke with Doug recently, for his first in-depth interview, and we talked about the Time Inc. acquisition and about the legacy Meredith and what this new endeavor could and would mean for the company. Doug is a firm believer in print, and he’s also an advocate for digital and all of its many extensions, from social media to online. And for the partnerships that pump new blood into the legacy company that keeps defying the odds and launching new print magazines, many of them from former digital-only entities. In Doug’s own words: “If they can see it in print, it confirms that they made it.” Print Proud Digital Smart, indeed. So, I hope that you enjoy this conversation with a man who believes in his brands, all of his brands, both new and old, and believes in his company and says the differentiator between Meredith and many others is, Meredith doesn’t just play to not lose, Meredith plays to win – the Mr. Magazine™ exclusive interview with Meredith’s Magazine President Doug Olson. But first the sound-bites: On whether he thinks magazines are really going out of style or if there’s been a rebirth: Honestly, we’ve made a pretty big bet that they’re not going out of style with our acquisition of the Time Inc. portfolio of brands. We continue to be very excited about the future of these brands in all platforms, whether it’s in print or digital or social. Allrecipes is a perfect example of one of the brands that we took from digital and turned it into print. It obviously has a very large footprint in digital, but the print continues to grow. While the Magnolia Journal gets a lot of press these days, the Allrecipes brand has been very successful as well, especially given its origin within digital. It’s up to almost 1.3 million subscribers; it’s one of the brands that has been meeting its numbers every single year since we launched it. On how he feels going into the marketplace knowing that Meredith is now the number one magazine media publisher in the United States: We think we’ve been the efficient operator in the marketplace for some time and that’s one of the reasons that we got the opportunity to own these great brands. But we understand our standing in the magazine world, if you will, has changed. It’s one that we embrace; we certainly respect it. But at the same time, we’re going to keep doing what we’ve been doing. We think we do a lot of X’s and O’s, blocking and tackling, just back to the basics to help advertisers sell more products or get their brand messages out to consumers. And that’s what we’ve done since the beginning on this thing, and that’s what we’re going to continue to do. On how it feels to be in charge of the largest group of magazines in the country: It feels great. There are really five of us that have worked on this for over five years. I was in the initial meetings when we tried to jar these great brands loose from Time Warner back in 2012. And we’ve stuck with it and now we’re here. Again, we respect how big the task is, but at the same time we’ve got great people at legacy Meredith and there are some really good talented people at the incoming Time Inc.’s stable of brands and its employee base. We think that together the combination will be dynamite. On whether the titles of publisher and editor may be coming back to the newly acquired Time Inc. titles: We’re strong believers in that someone has to get up every single day and focus on the individual brand. At Meredith, everyone is an integrated seller, it’s just to what degree do they focus on print versus digital and some of the other advertising mediums that are out there now. So, we want to take the best of both organizations…there are some things at the incoming Time Inc. organization that were working pretty well in the marketplace. There were a lot of things, especially around People magazine, that have been very vibrant for them. They’ve done a great job of focusing on what really throws off a lot of revenue and a lot of profit for the old Time Inc.. On how it feels to have weeklies now, such as People magazine: It’s definitely different for us, but the great news is there is a lot of expertise on the weeklies that exist in the acquired organization and we’re clearly leveraging their expertise. We admire the People brand. Obviously, as you mentioned, it’s the largest in the U.S., probably the largest in the world, if you really get down to it. But we’ve also run a very large brand ourselves called Better Homes & Gardens, which has a lot of multiplatform tentacles hanging off of it; a huge licensing program at Walmart, and a very large special interest media stable of brands that we sell on the newsstand. We’ve got a very large digital presence, so we’re used to overseeing and managing very large brands, but clearly People is at the next level. On recent comments CEO Tom Harty made about increasing rates, cutting frequencies and reducing circulation, mainly due to the postal service: We stand by his comments that if such a large increase is passed on to an industry in one fell swoop, especially the way they’re talking about it, then there’s going to be some kind of fallout. You can’t continue to do what you’ve been doing, business as usual, with such a large increase in your expenses. On the rumors that Meredith wants to be purely a women’s magazine publishing company: First of all, I don’t think people understand that we actually have some other men’s titles within the legacy Meredith stable. Successful Farming actually started the company and is very much aimed at mostly males, although there are more and more females that are operators in that space these days. Wood Magazine is another one. We do a fair amount of custom printing things along the way for some male audiences as well. On whether he feels Meredith and Hearst are in a race when it comes to new magazines or new partnerships: I think Hearst is a very formidable competitor. They have some great brands over there as well and some really good people. I would say that they have chosen a path and we’ve chosen a slightly different path. We think brands matter tremendously and I think they do too, but we’ve put our money on brands that are some of the biggest in the world, and they went after some smaller ones, what we would call tuck-in acquisitions. I think both strategies are good strategies. It’s great to have a strong competitor, to be honest with you. It makes us better if we have a strong competitor. On whether this year will see a calmer Meredith after the Time Inc. acquisition or 2018 will be full-steam ahead:We’ve shared with our shareholders, our board and our leadership team that this is really a two-year journey. This is a big undertaking; we want to get it right and take our time. We want to get the cost structure in line with the realities in the marketplace, and we don’t think we can do that in one fell swoop.
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