Welcome to the last Friday Five of 2022! We’re closing the year with news about Penske Media, Crain Communication, problems at The Washington Post, and Amazon introducing Inspire to its app.
Penske Media Acquires Artforum Magazine
Penske Media Corporation is acquiring Artforum International Magazine, which is turning 60 this year. The company describes the magazine as a significant player in the contemporary art industry and a notable source of contemporary art criticism. Read the story on Subscription Insider.
Crain Acquires MiBiz
Crain Communications, a global media company, has acquired MiBiz, a business media company based in Grand Rapids. MiBiz will be merged with the Grand Rapids Business Journal, which Crain acquired in August, to create one brand serving the west side of Michigan. Read the story on Crain's Detroit Business.
Washington Post Selling Tech Business
Top executives at the Washington Post recently presented a proposal to Jeff Bezos to explore the potential sale of Arc XP, the Post’s software business. Arc XP clients include the Golden State Warriors and energy company BP. The Post expects to generate over $200 million in revenue by 2027, but the business is not currently profitable. Read the story in The Wall Street Journal.
Washington Post Announces Plan for Job Cuts
The Washington Post plans to eliminate positions in its newsroom early next year as it looks to focus on different coverage areas, according to the news outlet’s publisher Fred Ryan. The Post announced plans to close the print edition of its magazine amid a downturn in the advertising market which has affected publishing companies across the sector. Read the story in The New York Times.
Amazon Launches Inspire
Amazon has introduced Inspire, a new feature on its app similar to TikTok. It allows the user to explore products and ideas through short-form videos and photos, and shop directly from content created by influencers, brands, and other customers. Read the story on Tech Crunch.