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Time Out Chicago finalizes its sale and Feder says goodbye
The Time Out Chicago entertainment magazine has been acquired by Time Out Group, which plans to phase out the print publication and make it all digital, the companies announced Monday.
Crain’s Chicago Business reported last month that Joe Mansueto, owner of Time Out Chicago and chief executive officer of Chicago-based investment research company Morningstar, was selling his stake for $4 million.
Last month, plans to make Time Out Chicago all digital were revealed to the Chicago Sun-Times by sources at Time Out Chicago, which at that time had 30 editorial and 12 art and production employees. Top executives had been expected to be dismissed by this month, and other job cuts were expected.
The staff cuts include media columnist Robert Feder, formerly of the Sun-Times. Feder wrote a daily blog for Time Out Chicago and he also appeared in the magazine.
“With the sale of Time Out Chicago, I have agreed to accept a buyout of my contract,” Feder said on Twitter. “I am eager to continue my work and I expect to make an announcement soon. Until then, I’ll keep you posted on Facebook and Twitter. Thanks so much for reading me.”
Time Out representatives could not be reached for comment concerning staff cuts Monday.
Time Out Group has a global audience of more than 20 million though a distribution network that includes magazines, an online presence, mobile applications, events and partnerships. Time Out North America includes Time Out New York, and the recently launched web property Time Out Los Angeles.
Time Out Group Chief Executive Officer Aksel Van Der Wal said “Chicago is an extremely valuable market for us.”
The company said the acquisition will accelerate the company’s strategy to build the international media organization in 50 cities.
“Starting from nothing eight years ago, Time Out Chicago has built a large and loyal audience for its entertainment and cultural coverage,” Mansueto said in a statement. “I look forward to the next stage of Time Out Chicago’s growth as it becomes more fully integrated into its global parent.”
Mansueto is an investor in Wrapports LLC, which owns the Sun-Times.
Robert Feder photo by Jim Frost