Time Out Boss Decries, Confirms GossipTime Out New York president Alison Tocci just sent out a memo to the magazine's staff addressing the "anonymous, typo-riddled post on Gossip, I mean, Gawker.com, which alludes to our imminent demise." She confirms TONY's money troubles, which were the subject of our rumormonger post yesterday, but says that the magazine's trusty investors are ponying up cash to ensure that everyone is paid! Within three months. The full zing-y memo:
To: All TONY Staff Fr: Alison Tocci Statement from Time Out New York President Alison Tocci: As Time Out reaches its 40th anniversary in London, and Time Out New York passes the 13-year mark, there is much to celebrate. Sadly, some of our achievement has been clouded by an anonymous, typo-riddled post on Gossip, I mean, Gawker.com, which alludes to our imminent demise. I can assure you that rumors of our demise have been greatly exaggerated. Time Out, like all print media, has felt both the specific downturn in print ad sales as advertisers and readers migrate online, and the general economic downturn complicated by rising paper and printing costs. In addition, we have made significant investment into our own costly transition online. The result is a tight cash flow situation that has led unfortunately to very slow payment to our vendors and freelancers. Happily, our New York investors, who understand the value of the brand you have all built and have been entirely supportive over the past 14 years, remain fully committed to us. They have stepped up to the plate in a significant way and I can assure you that our valued vendors, freelancers and all service providers who make what we do possible, will be brought up to date over the next 90 days. And unlike our anonymous and gossipy friend, you can sign my name to that. Alison Tocci President Time Out New York
[Alison, please send future typo corrections and memos here.]