What is this, Black Friday for magazines? Earlier today came word that Maer Roshan’s beloved Radar was folding, and now Harvard-centric magazine 02138 has hit the skids, too. “The current economic environment has made it too difficult to proceed at this time,” Manhattan Media president Tom Allon wrote in a memo that went out to staff just now. “We hope there will be another day and another venture with all of you in the future.” The next issue, which was nearly complete, will be converted to a digital file and put on the Website where it can be viewed, as at a wake. The full memo is after the jump.
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.
02138 [Official site]