Update: The New York Post reports that Eric Pooley is about to be named deputy editor, second in command to new Editor-in-Chief Josh Tyrangiel.

It smells like Time And it looks like Time. Except it's BusinessWeek. Hah!

Since Norman Pearlstine, former Editor-in-Chief of Time Inc., joined Bloomberg as Chief Content Officer, Time Inc. staffers have slowly been trickling over to join him. First, it was Josh Tyrangiel, who now serves as BusinessWeek's Editor in Chief. Then, it was Arthur Hochstein, Time's "legendary" art director, who stepped down in 2009 and will now be consulting for both BusinessWeek and Time. Now, sources tell the New York Post, more Time Inc. staffers plan to move to Bloomberg in the coming weeks in order to "reunite" with Pearlstine.

Pearlstine stepped down as Editor in Chief at Time Inc. in 2005 and became a Senior Advisor to Time Warner. John Huey Jr., former Editorial Director, assumed the helm at Time Inc. and since then, it has slowly been sinking. Martha Nelson's “People Group” (made up of EW, People and InStyle) is the only one with successful--or at least not failing--magazines. And with this latest rumor that Time Inc. staffers plan to jump ship, it seems as if Huey is having some trouble keeping his group together.

Writing for the NY Post Keith Kelly reports:

Hochstein's predecessor, BusinessWeek Art Director Andrew Horton, left the magazine Friday, after having joined in 2007 and worked with former editor Steve Adler on the mag's last redesign.

Hochstein was part of the team that won a National Magazine Award for General Excellence in 2007 and an award in 2002 for Time's 9/11 coverage. He will continue doing some consulting work for Time Inc. Hochstein actually stepped down as Time's art director at the end of last year, and was replaced by his deputy, D.W. Pine.

Pearlstine, on the other hand, seems to seems to have assembled a loyal pack of staffers over the years. And we all know that the pack follows its alpha male. Stay tuned for updates.

In an attempt to diversify in order to combat shrinking advertising revenue, Time Inc. has purchased the e-commerce site StyleFeeder, according to the Wall Street Journal. First it was wine clubs, and now personal shopping online, as publishers scramble to pad their bottom line with extracurricular acquisitions and tie-ins. (more...)

The "Hulu for magazines" joint venture spearheaded by John Squires officially has a name: Next Issue Media. According to Folio, the partnership has some real heavyweights behind it: Time Inc., Meredith, Hearst, Condé Nast and News Corporation. All of which represent some serious old media muscle, but will they be able to compete in the digital marketplace? (more...)

There have been whispers in the publishing world for months now about a group solution to the print problem, in which all of the big dogs -- including Condé Nast, Hearst, Meredith and Time Inc. -- would come together to offer competitive marketplace solutions to widespread magazine woes. First, there was the leaked Time Inc. memos that considered a publishers partnership to compete with Amazon's Kindle, followed by an Observer piece floating even more details of the mag world Voltron. (more...)

Breaking It's been widely reported that Time Inc. has been planning a rather significant round of lay-offs before the end of the year. The conventional wisdom around New York publishing circles was that the lay-offs would be coming after Thanksgiving. Unfortunately, that does not appear to be the case, as a Time Inc. spokesperson confirmed exclusively to Mediaite: "Yes, sadly there are layoffs today across a number of titles at Time Inc." (more...)

Some of the biggest rivals in magazine publishing are close to a deal that would combine their forces in an effort to resuscitate a dying print industry. Titans of the media world -- including Condé Nast, Heart and Time Inc. -- are working to form an alliance that would recreate magazines for a digital age, in a plan that includes new mobile iterations sold in an iTunes-like store, as well as print magazines, according a report in The Observer. It's like a publisher's version of Voltron. (more...)

In the next three months, Time Inc. will slash 280 jobs, whittling away at iconic titles like Sports Illustrated, Essence, and People. Time also underwent a big round of cuts in early 2007, but this is still major news. Why is it going over so quietly, especially in light of the wave of Condéfreude last month? (more...)

The NY Times reports today that Time Inc. is expected to announce next week that it will cut $100 million in costs and make significant layoffs, describing this as "another blow to what is becoming an increasingly grim industry." Well, at least some attention is off of Conde Nast. (more...)

With the benefit of hindsight, the AOL-Time Warner merger is widely derided as a very, very bad idea. If you type "AOL Time Warner" into Google, "AOL Time Warner merger failure" is one of the first results to pop up.

Now, on the eve of AOL's split with Time Warner, a tipster tells Business Insider's Nicholas Carlson that the heads of AOL and Time Inc. met for more than three hours to discuss a possible "co spin-off" from their parent company.  (more...)

There are many unanswered questions circulating about the fate of Time Inc., the magazine division of Time Warner, home to titles like Time and People. But AOL blog DailyFinance is reporting that at The Atlantic Monthly's "First Draft of History" conference, Time Warner CEO Jeffrey Bewkes had some definitive answers: "Time Inc. is not for sale," he said. "People made these rumors because they want a lot of activity."

"he readership is solid, the readership is holding up, the readers are happy, the titles are thriving," he continued, saying that he believes Time Warner will still own magazines five years down the line. He also took the opportunity to deny that Time Warner had any interest in buying NBC Universal. But is the company's CEO really the most reliable source when it comes to potential business dealings? He's trying to run a business after all. (more...)

The first words of Daniel Okrent's cover story for Time magazine are telling: "If Detroit had been savaged by a hurricane and submerged by a ravenous flood, we'd know a lot more about it." It is what I first thought when I saw the cover of the new issue of Time flash on the screen of Morning Joe today: Katrina. After Katrina, the cri de coeur was about saving a great American city; there has been no such cri about Detroit, save from Mitt Romney when he'd say anything to win Michigan (more...)

Today, a Bay Area website exposed an internal Time Inc. document outlining plans to start competing with Amazon's Kindle and other electronic readers before the end of the year. Buried in the piece, however, is a more stunning revelation -- Time Inc. execs appear to have discussed the new venture with rival magazine publishers, including Condé Nast, Meredith, and Hearst. Can magazine publisher save themselves with an alliance? (more...)

Monday's news that Conde Nast CEO Chuck Townsend had announced plans to bring in McKinsey to reevaluate the publishing giant's core business model and increase efficiencies made some serious waves in the media world. Since then, the media blogs have been atwitter with McKinsey mania! Everyone wants to know what McKinsey will do with Conde Nast? And how will they do it? And what will it feel like? (more...)

Keith Kelly reported in the NY Post yesterday that Fortune magazine is set to embark on that rarely-effective exercise called a "re-design." He went on to report that John Huey, the Editorial Director of Time Inc (and former Managing Editor of Fortune)  had "assembled a high-level SWAT team of in-house and external experts to revamp the biweekly business magazine." (more...)

There is no question that the magazine publishing nerve center is located in midtown Manhattan. As such, there is a unique sort of provinciality that magazine insiders have -- a conventional wisdom that defines the power players, up-and-comers and has-beens. So it will likely come as a shock to the titans of print that, according to the Power Grid,  the second most powerful man in the business works in Des Moines, Iowa: Steve Lacy. (more...)

According to the Power Grid, Newsweek's Jon Meacham is the most powerful Magazine Editor in all the land. This  may come as some surprise given that the title he oversees, Newsweek, is going through a rather dramatic repositioning and redesign  - an exercise not typically taken by a healthy magazine.  But in this advertising climate,  "healthy magazine" is a term rarely heard these days. But why is Meacham number one? And what else is there to be learned from the Power Grid? (more...)