Savoy goes from print to online while publisher seeks more financing

Savoy goes from print to online while publisher seeks more financing

(December 12, 2005) Savoy magazine, the lifestyle and general interest glossy that was brought back to life a year ago, is on hiatus again. After publishing four issues this year, the Chicago-based owner, Hartman Publishing, decided last month to suspend printing as it attempted to secure financing.

Hermene Hartman (above), publisher, told Target Market News that despite a recent news story to the contrary, “the magazine is not closing down, but we need more financing, and this is what we have to do right now while we’re in that process.” Hartman’s firm also publishes N’Digo, a 16-year-old weekly paper that covers African-American newsmakers in Chicago.

Hartman said that she expects her efforts will be successful and that the publication will return to print in the first quarter of 2006. In the meantime, she said, Savoy will appear as an online magazine, with regular departments and features updated on its revamped Web site. The digital version of Savoy will have advertising support, said Hartman, and an announcement about its launch will come shortly.

Advertisers have been supportive of Savoy since it was re-introduced last January, especially because the 325,000 circulation magazine attracts an upscale African-American audience that is difficult to reach through other media vehicles. However, some have expressed concerns about the publication’s future.

"[The re-launching of Savoy] should have worked,” said one ad agency executive that asked not to be identified. “We’re willing to continue supporting the magazine, but not publishing [the print version] puts the agency in an awkward position.”

Stops and starts due to financial woes have long been a part of Savoy’s history. This is the fourth time under five owners that the magazine has had its scheduled issues interrupted. Started originally as “Emerge” magazine, its late publisher Wilmer Ames postponed the original launch in 1988, and then later secured financing from Time Inc.

BET later acquired the issues-oriented publication, only to close it down again. Vanguarde Media purchased the title in 2000, suspended it later that same year, and folded it into a new magazine, Savoy. Vanguarde’s assets were sold after it declared bankruptcy and Jungle Media became Savoy’s new owner in 2004. Without ever publishing, Jungle sold the title to Hartman Publishing months later for $600,000.

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Wabash Ave. Suite 210 Chicago, IL 60604 t. 312-408-1881 f. 312-408-1867 info@targetmarketnews.com	Savoy goes from print to online while publisher seeks more financing (December 12, 2005) Savoy magazine, the lifestyle and general interest glossy that was brought back to life a year ago, is on hiatus again. After publishing four issues this year, the Chicago-based owner, Hartman Publishing, decided last month to suspend printing as it attempted to secure financing. Hermene Hartman (above), publisher, told Target Market News that despite a recent news story to the contrary, “the magazine is not closing down, but we need more financing, and this is what we have to do right now while we’re in that process.” Hartman’s firm also publishes N’Digo, a 16-year-old weekly paper that covers African-American newsmakers in Chicago. Hartman said that she expects her efforts will be successful and that the publication will return to print in the first quarter of 2006. In the meantime, she said, Savoy will appear as an online magazine, with regular departments and features updated on its revamped Web site. The digital version of Savoy will have advertising support, said Hartman, and an announcement about its launch will come shortly. Advertisers have been supportive of Savoy since it was re-introduced last January, especially because the 325,000 circulation magazine attracts an upscale African-American audience that is difficult to reach through other media vehicles. However, some have expressed concerns about the publication’s future. "[The re-launching of Savoy] should have worked,” said one ad agency executive that asked not to be identified. “We’re willing to continue supporting the magazine, but not publishing [the print version] puts the agency in an awkward position.” Stops and starts due to financial woes have long been a part of Savoy’s history. This is the fourth time under five owners that the magazine has had its scheduled issues interrupted. Started originally as “Emerge” magazine, its late publisher Wilmer Ames postponed the original launch in 1988, and then later secured financing from Time Inc. BET later acquired the issues-oriented publication, only to close it down again. Vanguarde Media purchased the title in 2000, suspended it later that same year, and folded it into a new magazine, Savoy. Vanguarde’s assets were sold after it declared bankruptcy and Jungle Media became Savoy’s new owner in 2004. Without ever publishing, Jungle sold the title to Hartman Publishing months later for $600,000. Go to Target Market News homepage	NEW! Search the entire contents of the Target Market News Web site! Looking for hard-to-find information on the African-American consumer market? Now you can easily search the contents of the leading source for information on African-American marketing and media. Scan our entire Web site for news, research and information using Google-powered keyword searches. Hundreds of articles, stories and report findings can be accessed for free. Click here to try it now! _____________________________________________________________________________________ 12th Annual Edition Available Latest 'Buying Power' report shows black consumers spending more on home life As the American economy continues to move sluggishly, African-American households are curtailing their spending in many categories, including food, clothing and basic household items, while investing more in home repair, home entertainment and consumer electronics. Although they are trimming back, black consumers are still spending more than their white counterparts on most of these products. 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