Disney plans to target Hispanic consumers through a new custom publication set to launch in mid- to late
2006. They’re not alone. More and more large companies targeting Hispanics with custom pubs (See “More advertisers choose custom pubs to reach Latinos,” page 1, Portada® No. 17, September/October 2005). Santa Barbara, CA, based International Publishers Representatives (IPR) will sell advertising for Disney’s Hispanic magazine. IPR also sells advertising for Kraft’s Comida y Familia (circ. 1,000,000), a custom publication targeting a broad group of Hispanic readers connected by a common interest in food. IPR recently added Ross Pharmaceuticals and Astra Zeneca accounts to Comida y Familia’s 2006 ad schedule.
FRONTERAS EXPANDS IN CALIFORNIA AND FLORIDA…
Fronteras debuted in several East Bay communities inside the Contra Costa Times (area: Central and East Contra Costa County; type: suburban daily newspaper; circulation: 105,782 daily and 113,031 on Sundays), owned by Knight Ridder, last November. The free, tabloid newspaper is distributed at approximately 60 retail locations,
as well as at news racks. Fronteras contains 28 full-color pages of ready-toprint editorial content targeting Hispanic
audiences. On October 24th, the Naples Daily News (circ. 12,000, Community Newspaper Holdings-Scripps) began distribution of Fronteras as a stand-alone product, according to sources at Universal Press Syndicate. The publication is being distributed in racks and marketed to The Naples Daily News subscribers in Florida’s Collier and Lee counties. The Collier Citizen, The Naples Daily News’ sister paper, is also marketing Fronteras to its subscribers.
Fronteras, currently published in 17 markets, combines lifestyle stories with national and world news as well as customized local news, events and information. Each edition allocates eight pages to national and local advertisements, which are sold through the local partner newspaper. As of November 2005, the total circulation
of Fronteras, both as newspaper insert and stand-alone editorial product, was 157,700. By March 2006 it is expected to have a total circulation of 203,000.
Fronteras de la Noticia began circulating in Fort Wayne, Indiana this January. The free weekly Spanish-language newspaper is published by Fort Wayne Newspapers, a joint company of the Journal Gazette and the News-Sentinel, Fort Wayne’s two daily newspapers. Two pages of news and eight pages of ads are produced locally and the rest of the 32-page paper is provided by outside companies. About 5,000 copies of Fronteras are distributed each Thursday. Several publications already serve the Hispanic community in northeastern Indiana, including the monthly Spanish language newspaper El Mexicano. Latino Monthly (circ. 7,500) debuted in September and began appearing monthly in December. El Rincon Latino, a free Spanish weekly which covers Dekalb, LaGrange, Noble and Steuben counties is published by KPC Media Group of Kendallville.
WHERE WILL CRISTINA LA REVISTA ADVERTISERS TURN?
Cristina La Revista’s closure as of its December 2005 publication did not come as a huge surprise to many industry insiders. Chiqui Cartagena, author of Latino Boom (Random House, 2005) and Managing Director of Multicultural Communications at Meredith Integrated Marketing in New York City, sees the move as part of an effort by Editorial Televisa to narrow its focus and concentrate on the titles that have the most growth potential. After 15 years in circulation the publication had a circulation of only 88,000 monthly. Celebrity magazines are difficult to sustain in any market. Oprah’s O Magazine has been able to do it, but she is still on television everyday. When Cristina La Revista was launched Cristina also had a talk show that aired every afternoon. Now, she’s on only once a week. Cristina has also begun to expand into other areas including furniture and clothing lines, which some industry insiders say has diluted her brand. Cristina La Revista had 280.20 ad pages for January through October 2005 (down
2.2% from same period in 2004), according to Hispanic Magazine Monitor. Ad revenues for the same period totaled $2.9 million (+0.1% from last year). In terms of ad dollars, Cristina La Revista ranked third behind Vanidades and Cosmo en español. Vanidades had three times the ad revenues of Cristina La Revista, also according to Hispanic Magazine Monitor. The top three advertisers in Cristina La Revista were P&G, Direct Response advertisers (mostly telephone fortune tellers) and Publix Supermarkets. In terms of advertising dollars, Franklin Mejias, Media Buyer at La Agencia de Orci, said he was planning to run ads in Cristina La Revista for clients in the Insurance and Telecommunications categories. Mejias says he will most likely reallocate those dollars to Vanidades, Fama, Cosmo
en español or Vogue en español. “It’s not necessarily the same content, but we can reach a similar demographic through these other titles.”
LA VOZ FIN DE SEMANA DEBUTS IN PHOENIX, AZ
Ashland Publishing went ahead with its plans to launch a weekend edition of Phoenix’s La Voz weekly newspaper last November. The new edition, entitled La Voz Fin De Semana went out to approximately 60,000 homes in the Phoenix metropolitan area. La Voz’s General Sales Manager Dan Contreras says that the weekend edition materialized as a result of growing demand from readers and advertisers alike: “The Hispanic population of Phoenix was clearly ready for the increased coverage, and advertisers were also excited about a new opportunity to reach consumers.” National advertising is a “very active” source of the publication’s revenue, says Contreras, with big-box retailers like Walmart, Kmart, and Circuit City aggressively marketing to La Voz’s readership. This activity in big-box retail comes as no surprise, given the home building and buying boom that is currently taking place in Phoenix. In terms of content the new publication will be a bit of a departure from the weekly edition, which enjoys a 92% pick-up rate from its racks. Whereas the standard edition, available every Wednesday, focuses on what Contreras describes as “hard-hitting news,” La Voz Fin de Semana, released on Saturdays, will be much more family-oriented, with movie reviews and weekend activities coverage.
WHO WILL BUY VERIZON’S HISPANIC YELLOW PAGES?
According to the Wall Street Journal, if Verizon sells the phone-directories business, the deal could be worth more than $17 billion. Based in Texas, the unit publishes 1,750 white- and yellow-pages directories with a circulation of 121 million. It also controls SuperPages.com. Verizon’s Hispanic directories, including Spanish and bilingual flip books, are published in more than 50 Hispanic markets in Arizona, California, Colorado, Florida, Nevada, New
Jersey, New York, Texas and Virginia and have a circulation of 8 million.
LARGE PRIVATE EQUITY FUNDS
The company said Verizon Information Services, which employs 7,300 people, had operating revenue of $3.6 billion in 2004. Analysts estimated the unit will show an operating profit of $1.8 billion for 2005. According to Andrew Buchholtz, Managing Director of Investment Banking at Veronis Suhler Stevenson, the Spanish language piece is so small that it wouldn’t make sense to sell the Hispanic and general market directories separately. Revenue from
Hispanic directories is only about $100 million out of $3.6 billion total operating revenue (2004). This is a multiple of what independent Hispanic directory publishers like Cobalt Publishing and HYP Network generate. Because of the scale of the purchase, Buchholtz says there are only really 5 or 6 large private equity funds that could potentially
buy the directories. “And even then, a few of them would probably have to join together to make the purchase,” explained Buchholtz. “A public market spin-off would seem to make sense, but I don’t know how appealing that’s going to be.” Buchholtz says that depending on who buys the directories, the Hispanic books could be discontinued altogether if they aren’t profitable enough to be critical to the growth of the business.
HOW MUCH ARE KNIGHT RIDDER’S SPANISH-LANGUAGE DAILIES WORTH?
Knight Ridder, which is currently accepting bids from investors interested in purchasing the media company, owns two Spanish-language dailies: Miami’s El Nuevo Herald and Dallas Fort Worth’s Diario La Estrella. While these two properties are only a small part of Knight Ridder’s US $3.1 billion in annual revenues, they are certainly of strategic interest to any potential buyer. These newspapers could be included in a package deal for the whole company or, as has been the case with similar transactions in the past, be sold separately. How much are these newspapers worth? Diario La Estrella and El Nuevo Herald are two very different properties. Diario La Estrella has only been a daily since September 2003, while El Nuevo Herald, the most successful Spanish-language daily in terms of revenues and EBITDA (Earnings Before Interest Depreciation and Ammortizations), has been around since 1987, and has been a daily for the past 7 years.
DIARIO LA ESTRELLA (US $12 MILLION)…
To estimate the value of Diario La Estrella, Portada® multiplied its projected 2005 revenues after rate card discount by 3. A sales multiple, instead of an EBITDA (profitability) multiple was chosen because Diario La Estrella is only becoming profitable this year. Most newspapers are sold at a multiple of 2. However, young properties, particularly in the growing Hispanic market deserve a premium valuation, which is reflected in the higher multiple.
…AND EL NUEVO HERALD (US $201 MILLION)
El Nuevo Herald is the leader in advertising revenues among Spanish-language newspapers with US $59.82 million in revenues during the first ten months of 2005, according to TNS Media Intelligence. Portada® estimates that total revenues, before rate card discounts, for 2005 were almost US $84 million. Assuming that El Nuevo Herald has a
25% EBITDA margin and applying a 16 X EBITDA multiple, a value of approximately US $200 million can be derived for the Miami Spanish-language newspaper.
In the general market, newspapers are sold for 10-12 times EBITDA multiples. El Nuevo Herald’s “premium valuation” is due to the fact that it is a leader in the Miami market and has shown strong sales growth. The high EBITDA multiple also takes into account the fact that El Nuevo Herald is a paid newspaper.
NEW IMMIGRANTS KEY TO GROWTH FOR SPANISH LANGUAGE PRINT: Q&A WITH WILLIAM VINCENT, DIARIO LA ESTRELLA
William Vincent, Director of Advertising at Diario La Estrella in Fort Worth, Texas talks about why he expects to see big growth in Spanish-language print media over the next 3 years.
What factors will enable Spanish-language print to grow over the next few years even while circulations for general market pubs continue to drop?
What is driving the drop in newspaper circulation in the general market is access to broadband internet. Before that it was Cable TV. Pretty much since the mid-80’s, circulation for general market papers has been dropping. The difference in the Hispanic market is that the new and recent immigrants don’t have broadband access yet and their numbers are growing. It’s not going to stay that way for long, maybe 1-3 years. But during that time, this demographic represents great growth potential for Spanish-language print media. It’s going to be the best ROP growth sector, maybe the only growth sector, over the next three years.
What are the biggest obstacles to growth in Spanish-language print media?
Broadband access is also an obstacle. As increasing numbers of immigrants get online, Spanish-language newspapers may experience the same decline that the general market has been experiencing. That’s why Diario La Estrella is making such a big investment in developing our on-line presence. Another obstacle is the inferior measurement vehicles of ROI for Hispanic advertising. Advertisers need to know how their investment in Spanish-language media is affecting their top and bottom lines just as they do for the general market. Some hard data do exist, but we still rely too much on store-based anecdotes. As such, agencies and publishers cannot partner as effectively with the advertiser to positively affect the bottom line. On the positive side this means the advertiser extends more trust to the agencies and publishers. The thought process in conversations between the advertisers and the agencies/publishers becomes more philosophical and conceptual, and thus more entrepreneurial. Decisions in that environment can be made more quickly. Risks are then taken.
Are more and better metrics being developed for the Hispanic market?
Yes, very quickly. I think in the next 2 to 4 years large companies are going to force agencies and publishers to really account for how their decisions have positively affected the advertisers’ top and bottom lines. Marketers, publishers and agencies are getting more and more effective in accumulating hard data about the spending habits and media response of Spanish dominant consumers. As they do, they will require us to be more accountable, to show the return on investment when it comes to Hispanic advertising. And this will mean developing metrics to measure ROI that are comparable to what’s available in the general market.
FOX SPORTS LAUNCHES A NEW SPANISH-LANGUAGE BIWEEKLY SPORTS MAG
Cuatro Media will launch a new magazine under the Fox Sports brand. The title of the publication has not yet been determined. The Spanish-language magazine will be biweekly and have a circulation of 500,000. The new sports mag will have two different editions, one for the west coast and one for the east coast. The west coast edition caters to a mostly Mexican audience, which loves soccer, while the Eastern U.S. edition targets a mostly Puerto Rican, Dominican and South American population, who are mostly baseball fans. Cuatro Media recently bought (from Fox) the license to publish the new sports mag. Fox Sports’ Hispanic sports title will be zoned by region with
each edition containing content specific to the main Designated Market Area (DMA) in that region. Advertisers will be able to advertise in a particular DMA. Jeffrey Duque, formerly employed in Time Inc. licensing division, was recently appointed Sales Director for Cuatro Media. Editorial content will be provided by Cuatro Media journalists as well as by Fox Sports en español (TV). Cuatro Media has an editorial team of approximately 20 journalists in the U.S. However, most of its editors and its back office are based in Buenos Aires (Argentina). Cuatro Media also has offices in New York, Barcelona (Spain) and Buenos Aires (Argentina). The company is partly backed by private equity fund Savoy Capital, whose main shareholder is entrepreneur Frank Lorenzo. Apart from the new Sports title, Cuatro Media also licenses branded supplements of Discovery and other media brands to several Latin American newspapers.
NOVUS PRINT MEDIA INC. EXPANDS ETHNIC MARKET ACTIVITIES…
Discount print media buying agency Novus Print Media plans to expand its ethnic market activities. Based in
Plymouth, Minnesota, the media buying service provides strategic, cost-effective marketing and media expertise as well as customized print advertising strategies for its nationwide clients. For general market ads, Novus Print Media
(approx. annual billings: $300,000,000) has built relationships with more than 1,400 newspaper and magazine publishers nationwide, and can provide national low-cost print media rates for its general market customers. The breakdown of gross billings by media is 70 percent newspapers and 30 percent magazines.
…AND BUYING POWER…
Last year the agency introduced an ethnic program directed at both the U.S. Hispanic and African-American markets. “For both target groups we are seeking to expand our buying power,” says Ryan G. Donelon, Ethnic Program Manager at Novus Print Media. Over the last year Novus Print Media has developed relationships with more than 350 newspaper and magazine publishers. Of these, 250 publications are directed at the U.S. Hispanic market and 100 publications are directed at the African-American market. Assessing the opportunities within the
U.S. Hispanic market, Donelon says that the market has not yet been utilized to its full potential. “We plan to increase our business volume in this market segment.” Novus Print Media has followed the general market trend, but Donelon says his agency is in a good position to catch up quickly and become a “leading player in this field within the next few years.”
…OFFERS BIGGER DISCOUNTS.
Founded in 1986, Novus Print Media, owned by New York-based full-service agency Omnicom Group Inc, has placed thousands of direct response and general print ads for its clients, and claims to be able to obtain an average discount of well over 80 percent below standard rates. Ryan Donelon says that both national and direct response advertisers hire Novus Print Media to help them target Hispanic audiences. “Our clients come from the retail and automotive industries, e-commerce as well as various other general national market segments,” says Donelon. Most of these clients run ROPs (Run off press) and FSIs (Free standing inserts) through Novus Print Media. They primarily want to sell through direct response channels and aim to expand into new markets. Novus Print Media also does media buying for special promotions. Many of the businesses are interested in reaching a specific Hispanic demographic or geographic area, but most target groups are across the board, Donelon notes.
WACHOVIA CAPITAL PARTNERS ACQUIRES RANDALL PUBLISHING
Wachovia Capital Partners and F. Mike Reilly, Chief Executive Officer of Randall Publishing Company, have formed
a new entity, Randall-Reilly Publishing, LLC, to manage Randall Publishing Company. Under the new company,
Mike Reilly will remain CEO, with David Wright as COO and Shane Elmore as CFO. The company’s headquarters will
remain in Tuscaloosa, Alabama, and no staffing changes are planned. Reilly joined the company in 1975 and became president in 1984. Under the leadership of the management team, the company grew into one of the country’s fastest-growing business-to-business publishing firms. Randall Publishing is a business-tobusiness media-company focused on the trucking and construction industries. Its properties include Equipment World, Overdrive, Trucker News, (Trucker News en español), CCJ and Modern Woodworking magazines. It owns and operates several online media entities, including, www.eTrucker.com, www.equipmentworld.com and www.modernwoodworking.com. Also under the company’s umbrella are the Great American Trucking Show radio programs, a billboard company, a company-sponsored publication division serving Fortune 500 companies, and a UCC-filing database and research group.
KOOL-AID LOOKS AT HISPANIC MAGS IN 2006
Kool-Aid, the soft drink mix brand owned by Kraft Foods, is looking to advertise in Hispanic magazines this year. It is likely that the brand will advertise in People en Español and Latina. Media buying is done through Kraft’s in-house media buying team. Kool-Aid’s 2005 “Transcultural Campaign,” targeted Hispanics, African-Americans and Asians mainly through TV spots. And according to a statement made by John E. Craig, Category Business Director of the U.S. Refreshment Beverages Division, at the ANA multicultural conference in Miami, the response to the TV campaign was good. Craig added that Kool-Aid had tried Hispanic newspaper ad campaigns in the past, but had not
seen good results. This year, Kool-Aid plans to add a magazine advertising component to its Hispanic campaign.
Kool-Aid consumption indexes high among Hispanics and African-Americans. The brand targets mostly Hispanics of
NISSAN TO LAUNCH MAJOR HISPANIC CAMPAIGN THIS YEAR
Last year, Nissan North America Inc. (NNA) launched the new Hispanic advertising campaign, “Icons” to promote the 2006 Altima mid-size sedan. Television spots began Thursday, Nov. 3 during the Latin Grammy’s on Univision. The spots will not air again until January in conjunction with Nissan’s national Hispanic media plan. The “Icons” campaign, developed and created by New York based The Vidal Partnership (other clients include Century 21, Buchanan’s, DirecTV, Heineken USA, Johnnie Walker, MasterCard International, Nissan, Old Navy, Sprint, The Home Depot), features two 30-second spots which will air on Spanish-language networks including Univision,
Telemundo, Galavision, Telefutura and Fox Sports en español. The campaign will also include online, print and billboard advertising. Brenda Mendoza, senior account director at The Vidal Partnership, said it was too early to talk about the specifics of the print campaign. The TV spots use generic icon images, such as streets signs, brought to life
through animation. The Nissan Altima is the only real-life object in the spot. “Our task was to communicate that the Nissan Altima stands out in its category,” said Mauricio Galvan, VP executive creative director at The Vidal Partnership. “Through the use of animation, we created a generic world showing that the Altima goes beyond the predictable.” The Vidal Partnership is responsible for providing strategic counsel and direction in reaching Hispanic consumers through advertising and other marketing extensions for Nissan’s national and regional product and brand campaigns.
PUBLISHERS AT MPA SEMINAR AGREE ON DIVERSITY
Panelists at the “From Cover to Copy” Seminar organized last week in New York City by Magazine Publishers of America (MPA) agreed that it is in the best interest of publishers to target diverse audiences (Hispanics, African Americans, Asians, Gay-Lesbian-Transexual, etc.). Marcus Mabry (Chief of Correspondents and Senior Editor of
Newsweek), Cynthia Leive, (Editor-in-Chief Glamour), Alvaro Saralegui (Vice-Chairman, Latina Media Ventures), Rishi Shah (Publisher & CEO Rave Magazine), Rebecca Swift (Director of Creative Planning Getty Images) and Luke Visconti (Partner and Co-founder of Diversity Inc.) agreed that it is imperative that print media vehicles increasingly reflect America’s diverse audiences in their publications. Improving the recognition of multicultural audiences both through editorial products and advertising targeting these audiences is central to the survival of many publications
in the next few years. Luke Visconti of Diversity Inc. magazine pointed out that CPMs (the cost of advertising per thousand readers) have decreased by 50% during the last 10 years. A substantial part of that decrease can be attributed to the fact that “print media does not represent diversity well.” The panelists also highlighted the importance of recruiting a diverse workforce.
GETTY IMAGES STUDIES ADVERTISING TARGETING HISPANICS
Rebecca Swift of Getty Images presented the results of a recent Getty Images study. According to the study, important concepts of advertising targeting Hispanics are: family, identity, group over individual, belief in fate/nature.
NEWS FROM THE MPA HISPANIC SUMMIT: PUBLISHERS AND MEDIA BUYERS TOUT THE VIRTUES OF
Eduardo Michelsen, CEO of Editorial Televisa, told the audience that magazines have the second highest penetration rate (41%) in the Hispanic market after TV (59%), followed by Radio (36%) and newspapers (12.7%). He added that while the pass-along rate in the U.S. general market is 3.4, it is 6.7 in the Hispanic market. Michelsen said Cosmopolitan en español has the same penetration in the Hispanic market as in the general market (18%). He acknowledged that the importance of Hispanic magazine readership is not reflected in magazine advertising, which accounts for less than 3% of the Hispanic advertising market, and added that Latin American publishers in the U.S. Hispanic market need to learn how to migrate to an advertising driven model. Sonia Green, Director of Diversity Marketing and Sales-Hispanic Market at General Motors, said that Hispanic magazine readers are the most affluent of all media types in the Hispanic market, with an average per capita income of US $62,900. She noted that magazines excel at influencing purchasing behavior. General Motors is spending US $6.8 million in Hispanic magazine advertising this year. In Green’s opinion, value added programs (events, position of ads, etc.) are an important part of her buying decision. Fina di Salvo, U.S. Ethnic Communication Planning and Media Manager at P&G, agreed that Hispanic publications have a unique role to play in connecting to the Hispanic consumer.
AD AGE AND WING LATINO CALL FOR CULTURALLY RELEVANT ENGLISH CONTENT AND TEEN MAGS
A media buyer study published by MPA and Ad Age revealed that 60.1% of the media buyers interviewed currently
include Hispanic Magazines in their media plan. A slight majority of the survey’s participants said that in the medium-term Hispanic magazines will publish more content in English and less in Spanish. When asked what value added services they like the most when buying magazines, 58.1% of the buyers named events, followed by website
advertising, advertorials, and custom publishing. Alejandro Clabiorne, Director of Media at WingLatino, noted that research conducted by his agency showed that there is a growing need among Hispanics for culturally relevant content in English. 81% of the respondents said that they read English language magazines because there are more
choices. 65% prefer ads that include both Spanish and English. When asked which segment of the Hispanic population was most difficult to reach, 18.1% of respondents said “Teenagers.” English-dominant (16.1%),
Spanish-dominant (14.3%) and Men 18-34 (13.7%) are also considered to be underserved by magazines.
FINANCIAL AND HEALTH AD CATEGORIES POISED TO GROW
Elizabeth Bradley, publisher of Selecciones, Fabio Freyre, Chief Executive Officer of Latina Media Ventures, Ruth
Gaviria, Executive Director of Hispanic Ventures at Meredith, Jackie Hernandez-Fallous, Publisher of People en español and Carlos Santiago, President of Santiago Solutions Inc. participated in the panel “Hispanic Magazine’s Future: What We Can Do.” The executives agreed that Financial, Health and to a lesser extent Travel and Food categories look most promising.
WHICH ENGLISH-LANGUAGE MAGAZINES ARE HISPANICS READING?
Chiqui Cartagena, author of Latino Boom (Random House, 2005), is also managing director of multicultural communications at Meredith Integrated Marketing in New York City. Latino Boom offers some interesting data about the reading habits of Hispanics. Cartagena points out that Hispanics’ magazine reading is divided evenly between English and Spanish-language publications. Among the top ten English magazines most read by Hispanics are two parenting magazines, two teen magazines and three women’s/fashion magazines.
EDITORIAL TELEVISA HIRES PAGE ONE MEDIA AS NEW EDITORIAL TEAM AT HISPANIC TRENDS AND
As a result of their recent agreement, Page One Media has been contracted by Editorial Televisa to handle production, editorial and art for Hispanic Trends and Hispanic magazines’ print and online editions as of the February 2006 issues. “We are basically replacing their existing editorial team,” explained Cathleen Farrell,
Editorial Director of Page One’s Hispanic Division and Editor of Poder U.S. According to Farrell, the agreement grew
out of Page One Media’s existing relationship with Editorial Televisa to co-produce Poder y Negocios in Mexico. Farrell says that besides publishing Loft and Poder, Page One Media also wants to provide content for other media companies. The agreement with Editorial Televisa marks their first venture in this direction. Ferrell says the magazines are still owned by Televisa, and all business and advertising will be handled separately by Editorial Televisa. Editorial Televisa will not be involved in any of the business aspects of U.S. editions of Poder or Loft. As part of their mandate to “broaden the appeal” of Hispanic and Hispanic Trends, Page One will redesign both magazines. “We want to sharpen the focus and be a little bolder, without changing the DNA of the magazines.” Farrell says that this will include adding new sections, or adding a new twist to existing sections. Adrian Saravia, Page One Media’s Creative Director, will head up the redesign.
…PODER IS BACK
Poder’s “100 Most Powerful Hispanics” special edition, the first issue published after Page One Media took over publication last fall, came out in December. The 96-page issue was the largest edition of Poder so far. According to Cathleen Farrell, Editorial Director of Page One’s Hispanic Division and Editor of Poder US, the December issue
had a limited circulation going out to VIPs and selected industry professionals. “The December issue was to let people know that Poder is still in publication,” explained Farrell. Poder will be relaunched in earnest in 2006 with a new design and additional sections. Farrell says the focus and target audience won’t change. “We’re just improving
on the existing product.”