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over thrity-five years, so--it would have an impact in the field.
In the advertising.
Oh, there were a lot of people who swore by The Gallagher
Report. I thought it was more bullshit than I've seen put together
in any one place.
Do you recall at what point you began facing the possibility that
there wasn't going to be a LIFE magazine?
Yes. Oh, by the late 1960s, certainly by 1970.
Were you, in addition to perhaps feeling terrible about that
fact--“My God, that LIFE might fold”--were you also worried about the
impact on the corporation, being that LIFE's deferred income was so
large, it carried so much of the corporate overhead, the value of its
subscription list--it was just such a big article!
Well, yes, it was. But, on the other hand, the
projections also indicated that if we kept going beyond when we did,
the losses would be staggering. One additional reason being that the
Post Office at that particular moment decided to hike prices
considerably. When you got 5,000,000 subscribers, that's pretty
serious news. I mean, that's multi-million dollar news. So, if you
kept LIFE going, you were going to lose 15 million, 20 million
dollars a year, and if you didn't keep it going, you had the problem
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