Log24

From The Harbus, the Harvard Business School independent weekly, a 4/28/03 interview with the late Steven Florio:

HARBUS: It seems you attribute the ability to ‘invest in quality’ and to say ‘we’re going this direction because it’s going to help us be the best’ directly to being a private company.

SF: For the 10 years I’ve been CEO, that has been the marching order I’ve given to my staff, to all the Editors and Publishers, and quite frankly the order that has been given to me by Newhouse. Now, this doesn’t mean that I don’t get memos from him saying ‘I noticed that we spent an additional $100,000 last year on Christmas parties, can you please cut this back?’. He’s not a guy who’s just standing on top of the building throwing off $100 bills. He wants the company run efficiently.

On the other hand, if I say to him we really ought to take a hard look at this idea called ‘Teen Vogue’, he’ll smile, as he did, and say ‘The rest of the industry is cutting back, and you want to do a $50 million launch?’.

And I said ‘It’s time. It is time for this magazine, it is time for line extension, and we should do it’. I have a management meeting once a week, which he [Newhouse] attends more often than not, where I presented the new magazine idea to the whole management team, which is only 6 or 7 people. I looked at him and said ‘We’re doing it’, and he said ‘Go ahead, it’s a great idea’.