Adweek's editorial director suggests that the New York Post may be “making bread from crumbs” in story reporting that his parent company is seeking a replacement
What, Michael Wolff worried?
Adweek’s combative editorial director on Thursday shrugged off a New York Post report that Prometheus Global Media is seeking a replacement for him because he "is a controversial highbrow who has alienated old-line Madison Avenue types" and cannot run a trade magazine. This report – not the first in the Post to suggest that Wolff was on his way out — is the latest indication of turbulence at Prometheus.
On Wednesday, another high-profile Prometheus property, the Hollywood Reporter, was slapped with a copyright infringement lawsuit by Deadline.com's parent company, Penske Media Corp.
Wolff, who has been attending the Paley Center for Media's International Council (IC) forum, didn’t entirely refute the Post’s latest claims, but he didn’t sound that concerned, either.
"From my view the magazine and the site have turned out rather amazingly—and I’m happy,” he responded to TheWrap via email Thursday afternoon. “And nobody has told me I should feel otherwise."
He said that Post reporter Keith Kelly "may know all" or is "making bread from crumbs."
Kelly's piece was the latest in a string of stories claiming discomfort between Prometheus and Guggenheim Partners, one of its principal investors. Kelly and colleague Claire Atkinson also wrote back in August that Wolff was "on the hot seat" because his associates were unhappy working under him.
Previous reports have said that Jimmy Finkelstein, a principal investor through his Pluribus Capital Managment who has since bcome CEO of Prometheus, and Guggenheim Partners, his partner in the venture, are trying to sell the company. Reports also suggest that they are unhappy with the Hollywood Reporter's performance.