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magazine industry is dead, you're obviously including Time, Fortune,
and even Sports Illustrated. This didn't exactly make Time, Inc.
into the kind of stock that was the most exciting possibility in the
world. [laughs] There were a lot of people who very seriously said
the magazine industry is going to be dead. It's really strange when
you look six or eight years later to see how wrong they all were and
how alive the magazine industry is--with the exception of those big
ones. The big ones suffered from big size, and LIFE suffered from
direct, head-on competition with television.
Right at the same time, I believe, as you announced LIFE folding
you also announced the sale of Time, Inc.'s portion in St.
Francisville to Crown Zellerbach.
Yes. Wow! We had financed the St. Francisville thing
starting I forget when--six, eight years before--on the theory it was
going to be able to make better, cheaper, paper. And it was a
complete disaster from day one, namely, it didn't get going, and when
it got going it didn't create good paper, and it turned out to be
expensive paper. There wasn't anything about it that was any good.
It was sheer disaster. And we had to dump it, of course, because we
couldn't use the paper once LIFE folded.
But then, of course, you must have been gratified because the
stock price reacted positively to these announcements.
Oh, yes. Sure.
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