By: Staff Reports New CEO Appointed; Staff Cut 25%
Access Internet Magazine is de-emphasizing the Internet part of
its name by scaling back its online operations. The magazine's parent company,
Needham, Mass.-based Access Media laid off 21 employees over the weekend, mostly
those who worked for accessmagazine.com. That represents about 25% of Access
Media's payroll.
The restructuring comes with a new financial commitment from the company's
lead investor, General Atlantic Partners LLC of Greenwich, Conn. General
Atlantic wants the company to focus on its print publishing activities.
To that end, former Parade magazine and Washington Post executive
Tom Ferguson becomes Access Media's new CEO. He replaces Mike Veitch, who
remains as an adviser to the company and board member. Ferguson was already on
the Access board of directors.
John Jay, president of Access Internet Magazine, and Larry Sanders,
president of accessmagazine.com, will be leaving the company.
The weekly magazine just launched its Web site last August. In recent months,
the company had been working on plans for a national online advertising network
and new e-mail products. Those efforts will be scaled back.
The company didn't reveal the size of the latest investment from General
Atlantic, but it is believed to be in the low seven figures. Access last raised
money in August 2000, when investors contributed $17 million.
Other venture investors in Access Media include Sequoia Capital, One Liberty
Ventures, and Labrador Ventures. Individual investors include former Time Warner
co-CEO N.J. Nicholas Jr. and E-Trade founder Bill Porter.
Related stories:
ACCESS ADDS NEWSPAPER CLIENTS TO AD NETWORK (02/19/01)
Copyright 2001, Editor & Publisher.
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