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Source Interlink

(SoapOperaNetwork.com) — While “All My Children” and “One Life to Live” were receiving worldwide attention after it was announced that ABC had decided be cancel both series on the afternoon of what is now known as Black Thursday (April 14), magazine publisher Source Interlink quietly made noise of its own that very morning when it announced it would be laying off more than half of its employees working on popular magazines Soap Opera Digest and Soap Opera Weekly. Now comes word that the company, which handed over editorial, advertising, marketing and distribution control of the magazine’s to American Media, which runs such rags as The National Enquirer, has officially laid off the affected individuals.

In announcing the deal last month, David J. Pecker, Chairman, President and CEO of American Media, Inc. (AMI) said, “This agreement is ideal for American Media as both soap opera titles fit strategically into our entertainment group, which includes Star, National Enquirer, Country Weekly and TV Guide, reaching an audience of 37 million people. Advertising clients will benefit immensely as we will now deliver the most efficient ad buy in the celebrity category for consumers.”

“This transaction will allow our media company to focus on the continued growth and investment in our core enthusiast brands, while positioning our sales and services company, to focus on its long-term vision of fully capitalizing on the vertical integration of our wholesale magazine distribution assets,” noted Michael L. Sullivan, President & CEO, Source Interlink Companies. “American Media understands and values our history and commitment to the entertainment category, through our soap titles. Given the synergies in their demographic audience, this license agreement will allow AMI to support these titles moving forward where they will continue to provide an exciting and relevant product for our dedicated consumers. We are pleased to have identified the right partner and are confident that our soap titles are in good hands.”

While there is no word yet on who the magazines were forced to lay off, Soap Opera Network has learned that the announcement was made earlier this week. Just another sign that the economy is a bust. We wish those affected good luck in all their future endeavors.

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