In Business This Week
ATOP TIME WARNER'S MASTHEAD: LOGAN
Time Warner is changing the guard in another of its divisions. On Aug. 3, it announced that Reginald K. Brack Jr., chairman of the magazine- and book-publishing group, has relinquished his CEO title to Don Logan. Industry executives say Logan has been amassing power at Time Inc. since Brack named him president and chief operating officer in 1992.
Brack nursed Time back from a severe advertising recession: Ad pages in its magazines have risen 8.2% in the first half of 1994. Then again, his division also invested in Whittle Communications, a media company that is fighting for financial survival. Brack says Time Warner won't suffer "material losses" from Whittle. But executives familiar with both companies say Time Warner will probably have to write off its $185 million investment. In mid-July, Time Warner's music group named Doug Morris its COO.EDITED BY THANE PETERSON