Time Out Chicago going all digital as Mansueto sells stake
BY MITCH DUDEK Staff Reporter firstname.lastname@example.org March 19, 2013 3:32PM
TimeOut Chicago Magazine
Updated: April 21, 2013 6:40AM
Time Out Chicago magazine, a weekly staple in waiting rooms and coffee tables around the city, is ceasing print operations and going all digital, according to sources.
The move comes as billionaire Chicagoan Joe Mansueto, the majority owner of Time Out Chicago, plans to sell his stake in the nightlife, music and shopping magazine to a partnership that publishes the Time Out brand in dozens of cities around the world.
No firm date has been set to shut down print operations, but the move will happen at some point this spring, according to a source with knowledge of the deal. Crain’s Chicago Business reported Tuesday that Mansueto was selling his stake for $4 million.
Time Out President and Editor in Chief Frank Sennett declined to comment Tuesday.
Time Out Chicago has 30 editorial and 12 art and production employees. Top executives are expected to be dismissed by April 1 and other staff cuts are expected. Several editorial employees received notice they were being let go Tuesday.
The decision comes despite recent revenue and circulation growth and is seen as a strategic move that will allow for easier expansion of the Time Out brand into other cities, the source said.
Time Out Chicago was started in 2005, backed by Mansueto, CEO of Chicago investment research firm Morningstar Inc. Mansueto also is an investor in Wrapports LLC, which owns the Chicago Sun-Times newspaper.