The New York Times folded Play magazine yesterday, which actually had good editorial content but bad business prospects, because many of its advertisers were auto companies, and they are all crumbling and taking the media along with them. On the plus side, the NYT business section actually hired somebody yesterday! (David Segal, from the Washington Post). The paper's special magic investment fund dedicated to Biz section hiring is obviously paying off. At least the good editorial=weak advertising equation has a flipside: the vapid T fashion mag lives!:

As for the other magazines, including T and T Style, [Times Magazine editor] Marzorati says "at the moment, there are certain tiny adjustments for the main magazine" but there "won't be any major, major cuts for the other magazines." Every publication — except Play — is making money, although "they aren't making as much" as before, the editor said.

They're doing important work over there. [FishbowlNY]