DISCOVER MAGAZINE ELEVATES ROBERT GUCCIONE, JR. TO
APPOINTS HENRY DONAHUE CHIEF EXECUTIVE OFFICER
New York, NY – October 10, 2007 – DISCOVER Media announced today two strategic
moves designed to build on the revitalization of the magazine. Bob Guccione, Jr., Chief
Executive Officer of DISCOVER Media and its flagship publication DISCOVER
Magazine (www.DISCOVERmagazine.com) will become Chairman of the company,
focusing primarily on extending the DISCOVER brand through new business initiatives.
Henry Donahue, Chief Financial Officer, who has been with DISCOVER for over two
years, will become Chief Executive Officer and take over the day to day responsibility for
running the business.
Mr. Guccione initiated the purchase of DISCOVER magazine from the Walt Disney
Company, teaming up with two private equity firms which specialize in media investing,
Sandler Capital Management and WallerSutton 2000, LP. For the past two years he has
spearheaded the revitalization of the magazine and turned the business into a profitable
one. The revamped editorial product has in turn helped generate a 20% increase in ad
pages for the first six months of 2007 versus the same period last year. The magazine
achieved this increase while the industry as a whole was down 0.5% for the same period
over 2006. Additionally, DISCOVER’s average single copy sales have increased 35%
since the acquisition in October 2005.
“I’m very proud of how we’ve turned a dormant magazine and business into a vital and
successful one, especially in a sluggish environment for the magazine industry. Privately
owned magazines can take risks, offering compelling, cutting edge content that really
speaks to their readers,” said Mr. Guccione.
Under Mr. Guccione and his management team, DISCOVER launched several
successful special issues as well as relaunched and dramatically enhanced DISCOVER
Magazine.com, and entered the book publishing market with the first DISCOVER
branded title due out this coming March. The comp