TV Guide Chief Steward Resigns
NEW YORK (AP) _ TV Guide’s president and chief executive, David Steward, has stepped down after the pending sale of the magazine left his future unclear.
Steward joined TV Guide in November 1997 with the hopes of extending the magazine’s presence on television. But that goal was reached when News Corp., Rupert Murdoch’s media conglomerate, announced in June it would sell control of TV Guide to United Video Satellite Group Inc. for $2 billion. The sale is expected to be completed in January.
United Video, which is controlled by cable giant Tele-Communications Inc., owns the Prevue Channel, a TV-listing cable channel seen in more than 50 million homes. Prevue will be renamed TV Guide Channel to take advantage of the popular brand name, and the company hopes the added TV exposure will help boost advertising at the magazine.
Steward joined TV Guide after serving as chief operating officer of Martha Stewart’s media businesses, where he helped launch Martha Stewart Living Magazine in 1990.
His resignation was announced Wednesday.
TV Guide is the nation’s most widely read weekly magazine and the second largest consumer magazine after the monthly Reader’s Digest.