Hearst Corp. and Scripps Networks Interactive Inc.'s (SNI) HGTV
said they will test Entitled HGTV Magazine, a publication
reflecting the home and lifestyle themes of the channel's
programming.
The move comes amid continued woes for magazines, which saw U.S.
newsstand sales fall 7.3% in the second half of 2010, according to
preliminary data released by the Audit Bureau of Circulations in
February. Overall, total paid and verified magazine circulation
declined 1.2%. The sector has suffered as readers have migrated to
the Internet and curbed some discretionary spending amid the weak
economy.
The move follows Hearst agreeing in January to pay nearly $900
million for French media conglomerate Lagardere SCA's (MMB.FR)
international magazine portfolio, which would make it the
second-largest U.S. magazine publisher by circulation, behind Time
Warner Inc.'s (TWX) Time Inc., and the largest publisher in the
world by number of titles owned.
HGTV, meanwhile, has been a strong performer for Scripps,
posting double-digit revenue growth in recent quarters. The company
partnered with Hearst on another cable channel-based title, Food
Network Magazine, in 2008.
Sara Peterson, formerly editor of Coastal Living, is
editor-in-chief of the publication. A debut test issue is slated to
arrive at newsstands in October, followed by a second test issue in
January. The companies will use the test period to gauge interest
for a possible full-scale launch in 2012.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com