Scardino, Inventor of
No Longer There
BBDO New York lost The Economist North America account to its more globally-oriented sibling agency Atmosphere Proximity. Billings were not disclosed, and may actually be quite volatile now that what we once knew as the "news weekly" segment of print has largely died an ignominious death. The segment has largely been displaced alternately by the upscale Economist and downscale celebrity-oriented weeklies like The Week. Oh, and an online news cycle that makes the weekly - absent insightful analysis or at least celebrity gossip dressed up to appear so - look a bit quaint.
The Economist, a hyper-successful news product largely a derivative of the Financial Times news daily, enjoyed persistent global growth with a largely self-made advertising campaign that used coy puns said to be in part created by former chief Marjorie Scardino.
Now that the competition, Newsweek, Businessweek, certain Time properties and others, have all suffered closure, sell-off or other capitulations, The Economist faces a much less competitive market.
Scardino, who once was said to have defended the loss-making Financial Times from sale or closure by telling executives she would let it go "over my dead body," retired in October.