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International: Time Inc. closes Asiaweek magazine

30-November-2001
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International: Time Inc. closes Asiaweek magazine

Time Inc. will cease publishing Asiaweek magazine this week. The announcement was made to staff on Nov. 29 by Peter Brack, the magazine's president, who blamed exceptionally difficult market conditions and the aftermath of Sept. 11. The magazine employed 80 people throughout the region.

"Our staff's passion, dedication and enthusiasm, which succeeded in creating a far better magazine earlier this year, have been truly impressive -- and certainly made this decision even more painful," says Mr. Brack in Hong Kong.

Don Logan, chairman and CEO of Time Inc., adds: "As a normal part of the process, we periodically review every magazine's performance and its long-term business prospects. Having recently completed this critique, we've decided to stop publishing Asiaweek."

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