Latest Prometheus Headache: Adweek Revenue Still Down

Tue Sep 27, 2011 2:51pm EDT

When oh when will reports of trouble at Adweek end?

Despite regular posts suggesting impending adjustments, not much has changed at the embattled publication over the past few months.

However, an individual familiar with the inner workings of the Adweek’s parent company, Prometheus Global Media, told TheWrap that Richard Beckman is now in the process of figuring out a new strategy at the trade magazine, whose revenues are still down despite a redesign earlier this year under the new editor Michael Wolff.

Beckman is mainly focused on growing a brand-development division for Prometheus, having left the day to day management of the trade magazines, including The Hollywood Reporter and Billboard.

Now it appears Beckman, who was brought over from Conde Nast to collect high-end advertisers, will try to lure back Adweek’s core sponsors.

Representatives for Prometheus Media did not return calls for comment.

Reports of advertiser discontent have gone hand in hand with the regular New York Post stories on the imminent departure of editorial director Michael Wolff.

When TheWrap asked Wolff about the latest rumors earlier this month, he said he had heard nothing. In fact, he said he got the sense his bosses was pleased with the new Adweek.

That seems very much up in the air. When he first took over last October, Wolff attempted a fundamental transformation of the one-time trade publication.

Though the core ad-world readership was still important, Wolff was charged with attracting a larger audience. He tried that by adding new staff, making its content more writerly, overhauling the design and beefing up the website. Coverage of the media business took stark priority over the day-to-day minutiae of the ad world.

In April, executive editor James Cooper told Yahoo’s Joe Pompeo (now of Capital NY) that Wolff saved the place.

But Madison Avenue doesn't seem to agree. They don’t like the new magazine and they don’t like Wolff. Ad revenue remains stubbornly lower than it was before the relaunch, according to the knowledgeable insider.

 

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