Maybe Squires will get promoted to reviewing Chinese wines.
John, he must be getting far more than that - he said “offer he couldn’t refuse” - a few years revenue isn’t that.
Presumably the new owners are counting on expanded base with Asian subscribers, events, advertising to shift the paradigm of the model completely to justify a big number to RP.
Funny Mike!
It all makes sense to me - even if it’s only a few year’s income, he probably has enough to live out a comfortable retirement and for a couple years will still have the biggest name in the biz, although that’s going to be a finite period. The biggest surprise is Lisa. She’s really an unknown even now and I wonder why he felt it would be better to put her in charge than someone else, particularly Galloni, who he pretty much anointed just a few years ago.
David can always go great work, but I don’t see him signing on as an employee. Squires either, although he’s a good writer and critic. Neal has really stepped up and would be a great addition if they can keep him. Antonio can probably go back to doing the Piedmont Report and do as well as he would were he an employee.
And nothing about Parker’s health. Seems to me that would explain a lot - 65 isn’t all that old after all. I wish him a long and healthy life. He’s got a lot of wine to get through.
This was surprisingly cold however, and makes me think he’s really relinquished pretty much all control:
__
Ms. Perrotti-Brown said the company is discussing terms with its correspondents, who include lead critic Antonio Galloni, as well as David Schildknecht, Mark Squires and Neal Martin, whom she and Mr. Parker hope will sign on as employees. If they decline? “There is a plethora of good wine writers out there. It’s a buyer’s market,” she said. >
How long has Ms. Perotti-Brown been with TWA, and how did she worm her way onto the top of the heap?
In fairness to the Orient, they’ve got a bazillion acres of terroir sitting at prime latitude for Vitis vinifera.
If there’s not a huge problem with the tradewinds or the jetstream or the orientation of the mountains [or something like that], then I don’t see why they shouldn’t be able to make some very nice wines.
Unless, God forbid, they should get the Pierce’s Disease.
Well it does seem like Lisa has already stepped in as proofreader. In his note to subscribers, there aren’t a million misused ellipses!
And as far as John’s figures go - if there are 50,000 subscribers, how many of those are businesses vs individuals? My guess is that there are fewer individuals and more businesses. They’re not going to be receptive to advertisements for Piaget watches and such.
Anybody who has access to the other board needs to check out the thread on this. After a couple of the clueless and perennial buttkissers offered congrats, it has turned REALLY nasty!
John, nobody knows for sure but Parker and other insiders, but there are persistent rumors that WA circulation peaked at 55,000, and is more like 30,000-35,000 today. A lot of subscribers bailed out when the Squires board was closed. I just let my subscription run out. And this latest move is going to cost them a whole lot more. Greg is probably right that it will end up as a trade publication for the ITB, and not even that for long without a bunch of wine buyers hanging on every score. Unless the enterprise is reborn in a Chinese-language edition that SOMEBODY will buy, the money will need to be made in “wine conferences”. People are going to get tired of that quickly enough, too. I am hearing that some of Galloni’s tasting events were not selling out already.
Oh, and if Lisa P-BJ really thinks that there are a “plethora of good wine writers out there,” then the investors need to kiss their money goodbye right now. That comment reflects sheer ignorance of what is going on in the real wine world…
Seems to me like this would be a great time to welcome our friends from the Parker board to Wine Berserkers!
A
I was thinking the same thing. The letter focused on a mild transition of power, largely consisting of editting typos and the addition of new features for subscribers. The WSJ article talked more of editorial control going to new parties, a focus on the Asian markets, and an unattractive comment from the new editor regarding the current writing staff.
Chase,
I, too, was struck by what seemed that unnecessarily snarky final comment by Perotti-Brown (essentially, “If the current writers want to join us, fine, if not, no big deal, they’re are plenty more where they came from.”)
Perotti-Brown is based in Singapore, right? TWA is being sold to three investors from Singapore. Is it out of the question to wonder if P-B had some hand in putting that deal together, perhaps with the proviso that she ends up in the catbird seat? A coup d’etat at TWA?
Ahem…take a look at some of the threads over there. I, for one, will urge Todd to impose a strict immigration quota!
Excerpt from Parker’s secret diary (Monkton Library archive released 2052)
September 14th 2012
Just received a mega million offer from an Asian conglomerate to buy me out. Bears considering, in fact, should probably think it through.
Current status of WA
Most powerful critic still, but influence beginning to wane.
Getting tired, and very run down.
Lots of money!
Given Asian purchasing, probably maximum value now.
Bored with editing and the other crap that is part of Advocate, but if it’s mine, can’t afford to give it up, Don’t want another Jay Miller debacle.
No relatives interested or capable of taking over.
Wonder what Galloni is up to, and can he afford to match this offer?
They want me to stay on, and I can continue to write about Rhone and Bordeaux.
Megabucks to sell, and plenty of dollars to stay on as top scorer.
Negatives
None.
Conclusion
Grab it before they change their minds.
Which article are you quoting, Magno?
EDIT: Nevermind. I found it; the Felix Salmon blog: http://blogs.reuters.com/felix-salmon/2012/12/10/the-robert-parker-bombshell/
Bill, have some of those comments been removed? It is hard for me to think the posts there now are “REALLY nasty” by your standards. And I don’t mean that as a dig.
BTW is there any truth to the rumor that you will be one of the new writers for the WA? ![[stirthepothal.gif]](/uploads/db3686/original/2X/f/f40faec63ca1018898a40805efbf9f0066a3d205.gif "[stirthepothal.gif]"){kind=small}
IMO one of the most interesting lines from the WSJ article was in the middle of the quote Greg posted:
“There will be changes in the Wine Advocate’s staff as well; most of its wine correspondents will become full-time employees, instead of independent contractors. “We want to have more control over the reviews,” said Ms. Perrotti-Brown”
Thoughts on this? The ability to pimp a score from one of the sponsored tastings they’re now going to put on while lowering others to make it look like point-inflation isn’t as bad as it’s been with JM/RP?
Personally, I hope they aren’t trying to standardize a TN style, as I get much more from Schildknecht’s prose than the others. A brief comparison w/ examples I found on a retailer’s website just now with a quick search:
Schildknecht: “Nicole Chanrion - who, amazingly, said she began picking last year already on September 10, yet at 12.7% potential alcohol - had only bottled her 2010 Cote de Brouilly two days before she poured it for me. Scents of fresh black raspberry set the tone for a vivacious and juicy, yet surprisingly plush palate on which piquant notes of huckleberry, toasted pecan, and crushed stone serve for counterpoint and savory salinity for saliva-inducement. This is a fine exhibition of Chanrion-s talents and those of the 2010 vintage. I would expect it to perform well for at least 4-5 more years. (The - at least, by this estate-s standards - deep, dark 2009, on which I reported in issue 190, is like many of that vintage currently showing its tannic teeth and bitter edge, yet also its complexity.)”
LPB: “The 2008 Pinot Noir gives a pale ruby color and aromas of warm raspberries and strawberries plus a musky/mushroomy/damp leaves undercurrent. Crisp, light to medium bodied, it has soft silky tannins and a medium-long finish. Drink it now through 2013.”
RP: “More limited in availability, but still a bargain is the 2008 Cabernet Sauvignon (only 1,450 cases produced). It possesses a dense purple color, striking intensity and plenty of charcoal-infused black currant and blackberry fruit as well as a chocolate earthiness. This ripe, full-bodied, dense 2008 should drink nicely for a decade or more.”
JM: “The 2009 is a nearly identical blend with the same elevage. Ripe, succulent, and impressively balanced, this outstanding value will also drink well for another 5-6 years.”
This is fake. No ellipses
Yes, that one shocked me too. Ouch.
Don’t forget, print and online are separate. Lots of double dipping. If you add in 30,000 online subscribers and 50,000 print you end up at more like an $8mm annual business.
While typical for buying a business, not so for buying a brand. I suspect the purchasers are paying (and Parker would expect to be paid) on the value that can be gained from the brand. It sounds from the get-go they are looking at expansion in ways RP didn’t which would be consistent with this approach.
I think it is very smart. The potential market for the WA brand in the US is not growing and with all the specialist venues and free information, the markets segments are really just fighting over the same shrinking pie. Porting the brand in a significant way to a growing market could be extremely profitable.
A.
In fairness to Parker, no one has figured out how to make any money selling “pure” information in the era of the internet and rampant Intellectual Property piracy.
Shanken always had his glossy lifestyle-photography advertisements to fall back on.
Tanzer seems to be leaning heavily on WineAccess.com, which, as far as I can tell, is just a front operation for Total Wine.
Warren Buffet just announced that he’s moving all of his newspapers behind paywalls [lotsa luck with that].
The major Rock-n-Roll acts have long since given up on “pure” music sales, and have had to endure grueling schedules of live concerts in order to turn a profit.
And I doubt that there’s been a major symphony orchestra [or opera company or ballet company] in my lifetime which came anywhere close to turning a true “profit” in any single fiscal year.
Hell, even Hugh Hefner is going bankrupt at Playboy [oh, the humanity!].