The Business and Financial department of Time Inc. was formed last year and not until now has it found the right fit for a leader. Vivek Shah, who used to be president of digital publishing will now be head of the unit that combines the ad sales staffs of Fortune, Money, Business 2.0 and Fortune Small Business magazines.
The ad pages of the first half of the year for Fortune were down over 17% and for Money down 23%. Shah, in the meantime, grew CNNMoney.com so much that the declining print revenues were offset.
Shah claims that the consolidation of properties come at a time when the growing trend is that users want their news from one place; advertisers and media buyers are being pressured to scale their buys; and the ad market is getting ever stronger.
“All of the research we do tells us that readers are narrowing the number of sites they visit in a day, and from an advertiser perspective, it’s very attractive because it allows them to build large campaigns that will have a bigger impact,” Shah stated.
Nielsen/NetRatings reported that last year, CNNMoney.com was the most visited business-destination Web site last year. Shah is doing something right and Time Inc. is going to utilize her in as many areas as they can.
Her most recent venture was the partnership made with contextual ad service Quigo. The deal is estimated to generate about $100 million over the next three years.