The Press: Formula Sold

Last week Newsweek sold its new pocket-sized picture magazine People Today to Hillman Periodicals, Inc., publishers of Pageant and a string of moneymaking pulps, for "more than $150,000."

People's eight months at Newsweek had begun in argument: Malcolm Muir thought the little magazine looked like a moneymaker and should be pushed, but Board Chairman Vincent Astor disliked its low-grade formula. When People tried slicing the cheesecake thinner, circulation dropped and Astor yielded. Then an impending paper shortage loomed, and everybody agreed People should go.

People's new publisher under Hillman is Franklin Forsberg, onetime boss of Yank and Liberty. He set his sights on...

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