From Writing to Leading: How John A. Byrne Is Remaking Fast Company (page 7 of 7)

I believe it was the second largest ever paid for a magazine.

Knowledge@Wharton: When a company pays such a high price, that sets certain revenue expectations, and the advertising market has been abysmal. How have you managed on the advertising side?

Byrne: Unfortunately, there has not been an upturn in the business magazines for advertising. If you look at Fortune, Forbes or BusinessWeek, it's pretty flat. I think the downturn may be over, but it's not going up yet. I've gotten a little waylaid here because that occurred before I got to Fast Company. Not that any company would be tolerant of this if it continued year after year after year, but because advertising had been in decline for two-and-a-half years before I got here, I have a little more leeway about it.

Not only that, but bringing in ads is mostly a publisher's job. I've been very much involved in the sense that I've had to go out on the road and meet with advertisers and advertising agencies, describe why we're changing the magazine, how we're changing it, and why this is a good idea. I have done that frequently since I've joined Fast Company. In fact, I've met with 60 advertisers and agencies since I joined the magazine to give the new vision, the new mission and how we're going to execute on it and why. And all I've heard is positive comments. While that has not yet materialized in an upturn in advertising, we're seeing increased proposals, requests for proposals, and we're hopeful that will happen. But so far, it hasn't.

Useem: It sounds like you are having the time of your life and you haven't looked back. Is that correct?

Byrne: That is totally true. I haven't had this much fun since I was editor of my college weekly. It's puzzling because I never wanted to be an editor. I can't wait to get to work. Twelve hours go by and I'm looking at the watch saying, "Where did the day go?"