Asiaweek
Encyclopedia
Asiaweek, the English edition, was a news magazine focusing on Asia
, published weekly by Asiaweek Limited, a subsidiary of Time Inc.
Based in Hong Kong
, it was established in 1975, and ceased publication with its December 7, 2001 issue due to a "downturn in the advertising market," according to Norman Pearlstine
, editor in chief of Time Inc. The magazine had a circulation of 120,000 copies when it closed.
The magazine was formerly associated with Yazhou Zhoukan
(亞洲週刊), an International Chinese newsweekly, before Time Warner media
acquired the English edition.
but had grown disenchanted with what they considered its ponderous style and perceived British stance. Asiaweeks mission statement said it all: "To report accurately and fairly the affairs of Asia in all spheres of human activity, to see the world from an Asian perspective, to be Asia's voice in the world."
Asiaweek has had 4 editors during its 26 years: co-founders T.J.S. George and Michael O'Neill, who conceived the magazine, Ann Morrison who succeeded O'Neill in 1994, and Dorinda Elliott, formerly Newsweek's
Asia editor in Hong Kong, who took over in October 2000. The magazine had always moved with the times. As co-founder George wrote in an editorial statement in Asiaweeks first issue in December 1975: "Realities have changed, and values with them. It is a new Asia, and this is a new magazine to report it."
O'Neill was also founding Editor-in-Chief of Yazhou Zhoukan, which was launched by Asiaweek Limited in 1987, with Thomas Hon Wing Polin as its founding Managing Editor.
In 1985, Time, Inc. (as it was then known) acquired 84% of Asiaweek, buying out Reader's Digest
s 80% stake and 4% local interests. The remaining 16% was owned by Michael O'Neill.
In 1994, Time ousted O'Neill and installed another editor, Ann Morrison, who came to Hong Kong from Fortune (a Time publication) based in New York.
According to Time, the reason for the closure was due to an advertising slump. Executives at Time insist their decisions were based on economic, not editorial, considerations.
The New York Times
columnist Thomas Crampton writes, "Asiaweek and the Far Eastern Economic Review were the only weekly magazines with a strong Asia focus through the 1980s. But competition grew in the 1990s when global and local media companies expanded into regional editions. In addition to several small regionally financed magazines, The Economist
, Fortune, BusinessWeek
and Forbes
all began aggressive expansions into Asia. These global titles could rely on skeletal staffs and economies of scale."
According to Crampton, besides the "brutal competition for limited advertising revenue", another plausible reason for the shakeout was "the suffocating embrace of U.S.-based media giants with an American-centric perspective." For Asiaweeks founding editor, Time Warner's closure of the 26-year-old publication plays into Asian fears of a U.S.-centric world media. "The mandarins of Manhattan
fully know Asia's potential," said T.J.S. George, who is now an editorial consultant for the New Indian Express Group. "They want a total monopoly for Time magazine."
But Singapore
based Alejandro Reyes, long-time correspondent and contributing editor of Asiaweek, insists that the magazine retained its strongly Asian voice independent of whatever the bosses in New York
might have wanted. He says the magazine's demise was due to the "failure of a pan-Asian marketing strategy impeded by limited resources and intense competition" and is hopeful of the revival of a niche market for media with an Asian perspective despite globalization trends.
Reyes, who was educated in the United States, initially applauded the modern, business-oriented techniques and practices of AOL Time Warner. He was not too happy when he found out that Time deleted all Asiaweek articles from its online archives, including his. "This is all very tragic," says Reyes, "– misguided decisions by New York-centric media bureaucrats whose careers are probably soon to be deleted just as ruthlessly."
M.G.G. PIllai, one of Asiaweeks casualties, says the magazine lost focus and became increasingly Americanised after Time took over. Unlike Reyes, he is not optimistic that it will be replaced because most magazines in Asia depend on the patronage of political rulers, and most financiers have an axe to grind.
Philip Bowring, former editor of the Far Eastern Economic Review which was bought by Dow Jones in the late 1980s and merged with the Asian Wall Street Journal in 2001 and quartered into a monthly in 2004 before its final burial in 2009, commenting back in 2004 when the Review died as a weekly, said "there is a parallel here between Time and Asiaweek. Time bought locally born Asiaweek even though it appeared to be in direct competition for readers and advertising. Not so long afterwards, Time closed Asiaweek rather than its ailing Time Asia. It was corporate imperialism more than commercial sense which brought Dow Jones to buy control of the Review, which was a direct competitor for niche regional advertising. Faced with the fact that both have been losing money, it naturally decided to close the regional product rather than its own Asian Wall Street Journal - a paper being daily trounced by the Financial Times. It is clear that the closure of the Review, as of Asiaweek, represents an attack on diversity and further reduction in the variety of print media. In short, Dow Jones has undermined the pluralism and anti-monopolism which the US at its best has always represented."
TJS George says, "In due course, Time Inc. killed Asiaweek and Dow Jones (now a Murdoch
property) killed the Review. Murdoch-Dow's Wall Street Journal and Time Inc.'s Time magazine now fly the American flag over Asia, unchallenged by lesser flags."
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
, published weekly by Asiaweek Limited, a subsidiary of Time Inc.
Time Inc.
Time Inc. is a subsidiary of the media conglomerate Time Warner, the company formed by the 1990 merger of the original Time Inc. and Warner Communications. It publishes 130 magazines, most notably its namesake, Time...
Based in Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
, it was established in 1975, and ceased publication with its December 7, 2001 issue due to a "downturn in the advertising market," according to Norman Pearlstine
Norman Pearlstine
Norman Pearlstine joined Bloomberg L.P. in June 2008 as chief content officer, a newly-created position. In this role Pearlstine is charged with seeking growth opportunities for Bloomberg’s television, radio, magazine, and online products and to make the most of the company’s news operations.Prior...
, editor in chief of Time Inc. The magazine had a circulation of 120,000 copies when it closed.
The magazine was formerly associated with Yazhou Zhoukan
Yazhou Zhoukan
Yazhou Zhoukan , literally as "Asia Weekly", is the only Chinese language international affairs newsweekly which has been published for over 20 years...
(亞洲週刊), an International Chinese newsweekly, before Time Warner media
Time Warner
Time Warner is one of the world's largest media companies, headquartered in the Time Warner Center in New York City. Formerly two separate companies, Warner Communications, Inc...
acquired the English edition.
History
Asiaweek was founded in 1975 by Michael O'Neill, a New Zealander, and TJS George, an Indian, who had worked together at the Far Eastern Economic ReviewFar Eastern Economic Review
The Far Eastern Economic Review was an English language Asian news magazine started in 1946. It printed its final issue in December 2009. The Hong Kong-based business magazine was originally published weekly...
but had grown disenchanted with what they considered its ponderous style and perceived British stance. Asiaweeks mission statement said it all: "To report accurately and fairly the affairs of Asia in all spheres of human activity, to see the world from an Asian perspective, to be Asia's voice in the world."
Asiaweek has had 4 editors during its 26 years: co-founders T.J.S. George and Michael O'Neill, who conceived the magazine, Ann Morrison who succeeded O'Neill in 1994, and Dorinda Elliott, formerly Newsweek's
Newsweek
Newsweek is an American weekly news magazine published in New York City. It is distributed throughout the United States and internationally. It is the second-largest news weekly magazine in the U.S., having trailed Time in circulation and advertising revenue for most of its existence...
Asia editor in Hong Kong, who took over in October 2000. The magazine had always moved with the times. As co-founder George wrote in an editorial statement in Asiaweeks first issue in December 1975: "Realities have changed, and values with them. It is a new Asia, and this is a new magazine to report it."
O'Neill was also founding Editor-in-Chief of Yazhou Zhoukan, which was launched by Asiaweek Limited in 1987, with Thomas Hon Wing Polin as its founding Managing Editor.
In 1985, Time, Inc. (as it was then known) acquired 84% of Asiaweek, buying out Reader's Digest
Reader's Digest
Reader's Digest is a general interest family magazine, published ten times annually. Formerly based in Chappaqua, New York, its headquarters is now in New York City. It was founded in 1922, by DeWitt Wallace and Lila Bell Wallace...
s 80% stake and 4% local interests. The remaining 16% was owned by Michael O'Neill.
In 1994, Time ousted O'Neill and installed another editor, Ann Morrison, who came to Hong Kong from Fortune (a Time publication) based in New York.
Closure
George, who left Asiaweek before its troubles began, laments the death of the magazine after O'Neill was removed. With Asiaweeks demise, George said, his only regret was the way "the magazine was devalued by the very people who took it upon themselves to nurture it. That is why I shed no tears now as the concept itself was killed in 1994 when Mike was removed by the new management. Its closure [in 2001] is a mere burial."According to Time, the reason for the closure was due to an advertising slump. Executives at Time insist their decisions were based on economic, not editorial, considerations.
The New York Times
The New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
columnist Thomas Crampton writes, "Asiaweek and the Far Eastern Economic Review were the only weekly magazines with a strong Asia focus through the 1980s. But competition grew in the 1990s when global and local media companies expanded into regional editions. In addition to several small regionally financed magazines, The Economist
The Economist
The Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd. and edited in offices in the City of Westminster, London, England. Continuous publication began under founder James Wilson in September 1843...
, Fortune, BusinessWeek
BusinessWeek
Bloomberg Businessweek, commonly and formerly known as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. It is currently headquartered in New York City.- History :...
and Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
all began aggressive expansions into Asia. These global titles could rely on skeletal staffs and economies of scale."
According to Crampton, besides the "brutal competition for limited advertising revenue", another plausible reason for the shakeout was "the suffocating embrace of U.S.-based media giants with an American-centric perspective." For Asiaweeks founding editor, Time Warner's closure of the 26-year-old publication plays into Asian fears of a U.S.-centric world media. "The mandarins of Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
fully know Asia's potential," said T.J.S. George, who is now an editorial consultant for the New Indian Express Group. "They want a total monopoly for Time magazine."
American involvement
'Asia through Asian eyes' was the slogan that helped Asiaweek rise. George is still nostalgic about the fresh and fearless style of the magazine during its heyday and is wary of American meddling in Asian affairs. He warns that "perhaps the most deep-going, subliminal - if also pernicious - mind control weapon at America's disposal is its news media."But Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
based Alejandro Reyes, long-time correspondent and contributing editor of Asiaweek, insists that the magazine retained its strongly Asian voice independent of whatever the bosses in New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
might have wanted. He says the magazine's demise was due to the "failure of a pan-Asian marketing strategy impeded by limited resources and intense competition" and is hopeful of the revival of a niche market for media with an Asian perspective despite globalization trends.
Reyes, who was educated in the United States, initially applauded the modern, business-oriented techniques and practices of AOL Time Warner. He was not too happy when he found out that Time deleted all Asiaweek articles from its online archives, including his. "This is all very tragic," says Reyes, "– misguided decisions by New York-centric media bureaucrats whose careers are probably soon to be deleted just as ruthlessly."
M.G.G. PIllai, one of Asiaweeks casualties, says the magazine lost focus and became increasingly Americanised after Time took over. Unlike Reyes, he is not optimistic that it will be replaced because most magazines in Asia depend on the patronage of political rulers, and most financiers have an axe to grind.
Philip Bowring, former editor of the Far Eastern Economic Review which was bought by Dow Jones in the late 1980s and merged with the Asian Wall Street Journal in 2001 and quartered into a monthly in 2004 before its final burial in 2009, commenting back in 2004 when the Review died as a weekly, said "there is a parallel here between Time and Asiaweek. Time bought locally born Asiaweek even though it appeared to be in direct competition for readers and advertising. Not so long afterwards, Time closed Asiaweek rather than its ailing Time Asia. It was corporate imperialism more than commercial sense which brought Dow Jones to buy control of the Review, which was a direct competitor for niche regional advertising. Faced with the fact that both have been losing money, it naturally decided to close the regional product rather than its own Asian Wall Street Journal - a paper being daily trounced by the Financial Times. It is clear that the closure of the Review, as of Asiaweek, represents an attack on diversity and further reduction in the variety of print media. In short, Dow Jones has undermined the pluralism and anti-monopolism which the US at its best has always represented."
TJS George says, "In due course, Time Inc. killed Asiaweek and Dow Jones (now a Murdoch
Rupert Murdoch
Keith Rupert Murdoch, AC, KSG is an Australian-American business magnate. He is the founder and Chairman and CEO of , the world's second-largest media conglomerate....
property) killed the Review. Murdoch-Dow's Wall Street Journal and Time Inc.'s Time magazine now fly the American flag over Asia, unchallenged by lesser flags."