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TV Guide
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December 31, 1998: 11:46 a.m. ET
chief quits In light of magazine's sale to TCI unit, David Steward says his job is done
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NEW YORK (CNNfn) - TV Guide President and Chief Executive David Steward resigned his post effective Wednesday due to the sale of the magazine by its parent News Corp. Ltd. Inc. to United Video Satellite Group, a unit of Tele-Communications Inc.
"I was really brought in to build the (TV Guide) brand and I think that's happened spectacularly with the United Video deal," said Steward, who joined the magazine in November 1997 after serving as the chief operating officer and president of publishing at Martha Stewart Living Omnimedia.
Steward was charged with expanding TV Guide's reach beyond that of a print magazine and during his tenure the magazine acquired cable guide publisher TVSM at the same time chiefs Rupert Murdoch of News Corp. and John Malone of TCI were constructing the United Video deal.
After the soon-to-be-completed $2 billion sale, the TV Guide brand will replace United Video's Prevue program listing channel and extend to outposts on the Web and digital television in addition to cable and print.
Under the terms of the deal, News Corp. will receive $800 million in cash and about $1.2 billion in stock in United Video, giving News Corp. a 40 percent share in the TCI unit.
"What gets me excited is building businesses, not running them. Now I'm going to go do that for someone else," said Steward, noting that his next move will likely be in the Internet arena and will capitalize on his skills building brands that combine traditional and new media.
Anthea Disney, chairman and CEO for News America Publishing Group of which TV Guide is a division, said in a statement Steward's departure is "an amicable parting" and noted his contributions in helping to "enhance TV Guide as the premier brand in TV listings."
TV Guide, the nation's largest weekly magazine with 35 million readers, has been suffering a decline in circulation. In October it lowered its rate base -- the amount of circulation it promises advertisers - to 11.8 million from 13 million and raised its cover price from $1.19 to $1.49. The move was strictly a "profit decision" and had nothing to do with Steward's management, said company spokeswoman Rachel Breinin.
The sale of TV Guide is expected to boost its overall circulation, but Breinin said the company expects its print advertising rate base to remain steady. 
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