Radar isn’t the only magazine whose staff finds itself out of work today. According to an e-mail Manhattan Media CEO Tom Allon sent to an undisclosed group of recipients, 02138, the Harvard-centric lifestyle magazine launched in 2006 and acquired by Manhattan Media in May, will be suspending its publication.
From the e-mail:
Manhattan Media has decided to suspend publication of 02138. There is no question that, since the acquisition of the magazine in May earlier this year, a great team of editors, marketers, salespeople and designers have worked hard to re-launch the business. Nor is there a question that our views on the possibilities of a mix of media serving to inform, entertain and network alumni of leading universities have driven us to back that team to the hilt. But the current economic environment has made it too difficult to proceed at this time. While Manhattan Media, and its financial backer Isis Venture Partners, are committed to long-term growth capital, the funds needed to execute AMN’s strategic vision would by necessity have grown significantly and beyond the company’s risk/return profile.
The current issue is almost at completion and is full of great edit and design work. We plan to have the pages converted by our vendor Texterity into a digital magazine so that the world has access to this issue of 02138 in its entirety.
We thank Jamie Hooper, David Blum and all those who have worked on this venture so hard and so passionately. We hope there will be another day and another venture with all of you in the future.