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TIME INC. UNDERGOES MAJOR REORGANIZATION

 NEW YORK, Sept. 19 /PRNewswire/ -- Time Inc., the publishing arm of Time Warner Inc., (NYSE: TWX), announced today a major reorganization of all its operations, aimed at positioning the company for continued growth during the rest of the decade. This is the beginning of a process of change that will virtually reinvent the company.
 Initially it includes a companywide restructuring, the focusing of more management resources on Time Inc.'s core New York-based magazines (Time, Life, Fortune, Sports Illustrated, Sports Illustrated For Kids, Money, People and Entertainment Weekly), expansion of the company's product mix, and cost reduction. Expected benefits range from increased growth of the major titles by improving quality and efficiency to faster decision making, and the development of a major new multimedia business.
 "Growth in today's publishing industry requires continuing change. These latest moves will enable Time Inc. to expand its magazine, book and multimedia businesses while continuing to enjoy healthy earnings," said Reginald K. Brack, Jr., Time Inc. chairman and chief executive officer, in making the announcement.
 "This reorganization is a major step in the transformation of Time Inc., a company with premier consumer franchises, into a lean and very responsive operation. By better allocating our resources, we expect to consistently grow our existing businesses and develop new profitable ventures as well," added Don Logan, Time Inc. president and chief operating officer.
 Time Inc. expects the overall reorganization program will enable it to better serve the various marketplaces where it operates. There will be some staff reductions during this period, it said, obtained primarily through attrition.
 As part of the restructuring Time Inc. will make a series of changes at its New York-based titles, effective immediately. They include:
 -- Creating the new position of division presidents at Time and People. The president's position remains in place at Sports Illustrated. There will also be a group publisher of a newly formed business and finance cluster, comprised of Fortune and Money. The division presidents and the group publisher will have full profit/loss responsibility and daily operational responsibility for product strategy and business development as well as for circulation and ad sales.
 -- Redefining the position of publisher so that the publisher will have broad, overall responsibility for advertising sales strategy and management. The publishers of Time, Sports Illustrated and People will report to their respective division presidents. The publishers of Fortune and Money will report to a group publisher.
 -- Making each magazine entirely responsible for the management of its ad sales staff.
 -- Reassigning the four corporate regional advertising sales vice presidents.
 -- Establishing a national sales force, with its headquarters in New York, to service national accounts seeking an integrated approach to the purchase of advertising in more than one Time Inc. title.
 Appointments to the newly created positions of president and publisher at the New York-based magazines, effective Sept. 20, are as follows:
 At Time, Lisa Valk Long, currently Time's publisher, becomes president. Jack Haire becomes publisher. He is now the regional ad sales vice president in Chicago.
 At Sports Illustrated, Donald M. Elliman, Jr. continues as president. David L. Long becomes Sports Illustrated's publisher. He is currently the regional ad sales vice president in New York.
 At People, Ann S. Moore, who was the magazine's publisher, becomes president. Nora P. McAniff becomes People's publisher. She is now publisher of Life.
 At Life, Edward R. McCarrick becomes publisher. He has been associate publisher and ad sales director of Time.
 The new group publisher of the newly created business/finance cluster at Fortune and Money is Michael Pepe, currently vice president of marketing in New York. Reporting to him and continuing as publishers at Fortune are James B. Hayes, and at Money, William S. Myers.
 There are no changes at Entertainment Weekly and Sports Illustrated For Kids. Mike Klingensmith and Cleary Simpson, respectively, continue as publishers of those titles.
 Richard Heinemann continues as president of the sales and marketing division. Of the current Time Inc. regional ad sales vice presidents, James D. Graham, now in Detroit, will become vice president, corporate accounts, based in New York; Stephen J. Seabolt will remain in Los Angeles in the new position of western corporate accounts director; Mark P. Ford becomes the midwest corporate accounts director, based in Chicago; and James C. Whitelaw the eastern corporate accounts director, based in New York. Stephen L. Deschenes will be sales development director, and Linda C. Andros continues as the director of the corporate marketing information group.
 Robert L. Miller, while continuing as president of Time Inc. Ventures, will also assume the additional title of president of television for Time Inc., heading all of the company's various television activities.
 Linos Kogevinas will become executive vice president of Time Inc. International in which capacity he will be responsible for all of Time Inc.'s international magazine activities. He has been a vice president of Time Inc. Ventures.
 Curtis G. Viebranz will become president of Time Inc. Multimedia. He will be responsible for developing Time Inc.'s multi-media businesses and will be based in New York. He has been president of Time Inc. Europe, based in London, where he was in charge of Time Life Books' and Time Inc.'s magazine activities on the continent.
 Kelso F. Sutton, who has held many distinguished positions at Time Inc. during his 32-year career with the company, will retire at the end of the year. Most recently he has been directing Time Inc.'s multimedia activities.
 "The changes announced today will simplify a complex organizational structure and enable us to meet the needs of customers better and more quickly," Mr. Brack said. "They put more emphasis and focus on the growth opportunities of our core franchises, and they recognize that the strength of our company rests with our individual magazines."
 Other aspects of the company's overall reorganization include having each magazine be responsible for its own advertising sales staff while at the same time retaining a national sales team and marketing support unit at the corporate level to assist all titles in meeting customer needs for multi-title purchases.
 The company also said that it will focus on developing and acquiring businesses of scale. As part of that strategy, it will aggressively pursue and support multimedia products and services, such as television and interactive media extensions of existing brands.
 "We think we have the best magazine and book publishing businesses," Mr. Brack also noted. "To complement them, we will build an exciting third leg--in multimedia. We also have the most talented people in the industry. Our far-reaching reorganization strengthens their ability to grow all three businesses throughout the rest of this decade."
 -0- 9/19/93
 /Contact: Peter Costiglio of Time Inc., 212-522-3927, or home 212-534-2774/
 (TWX)


CO: Time Inc.; Time Warner Inc. ST: New York IN: ENT PUB SU: RCN

LD -- NY002 -- 3391 09/19/93 15:01 EDT
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Publication:PR Newswire
Date:Sep 19, 1993
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