NEW YORK — Conde Nast, a publisher known for splashy fashion bibles Vogue and GQ, is launching a business group with a monthly magazine and Web site.
Leading the group will be David Carey, who will leave as vice president and publisher of the New Yorker, where he led a dramatic turnaround at the storied title once known as much for losing money as for its literary achievement.
A replacement for Carey was not named, but sources told Daily Variety that a new publisher would be selected from another title within the Conde Nast ranks, which include Vanity Fair, Wired, Allure, Details and Traveler.
No title or launch date has been determined for the new magazine, but the company tapped Wall Street Journal deputy managing editor Joanne Lipman as editor-in-chief.
A new business title will throw the publisher into one of the most competitive sectors of magazine publishing, a group with BusinessWeek, the Economist, Fortune and a number of others that have struggled against diminished tech, corporate and telecommunications advertising.
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“The company recognizes that business media represents an important point of diversification for company.,” Carey said. “The company publishes the leading magazines in luxury and beauty; as company grows its portfolio, we believe it’s smart to do that there.”
Lipman got Personal
Lipman has been deputy managing editor of the Journal since 2000 and is responsible for two of the newspaper’s recent forays outside business journalism, Personal Journal and Weekend Journal.
Lipman helped develop the Weekend Edition, a Saturday edition of the paper that launches on Sept. 17, and oversaw the 2002 redesign of the paper, which brought color to its pages for the first time.
Carey has a background in business magazines. Before joining Conde Nast he was founding publisher of Smart Money, a joint venture between the Journal and the Hearst Corp.
He joined the New Yorker as publisher in 1998 and began by slashing discounted subscriptions and targeting high-end consumer advertisers.
The mag’s circulation grew from 800,000 to more than 1 million and revenues doubled. In 2002 the magazine became profitable for the first time since Conde Nast bought it in 1986.
Typical of Carey’s initiatives was the Aug. 22 issue, which was sponsored entirely by Target Stores, but he also launched high-end advertiser supported events, such as the New Yorker Festival.
New mag strategy
Launch of the new title caps a busy few years for Conde Nast, which has focused on launching new titles rather than acquiring existing magazines.
“We have experience looking at (magazine) categories that may seem to be too crowded; we think people are interested in business, and it’s a very important category that we’d like to be a part of,” said spokeswoman Maurie Perl.
The company launched Teen Vogue at a time when the market for teen magazines seemed saturated.
Conde Nast launched home shopping mag Domino earlier this year, following the launches of fashion shopping titles Lucky in 2001 and Cargo in 2004.