Editorial costs were also lower than in previous years.
"Our editorial costs are higher than much of the rest of the industry," he said.
"The editorial costs of Time can be distributed across a much wider spectrum of properties".
And now new media threaten the very printed pages that carry their work, as newspaper circulations fall and editorial costs are cut.
Many alt-weeklies can probably get along fine for a while by keeping editorial costs down, relying on entertainment and lifestyle advertising and building their Internet presence.
In response to the economic downturn, Guardian News & Media is cutting about 50 editorial staff by the end of the year, across the Guardian, Observer and theguardian.com, as part of a plan to reduce editorial costs by £10m.
They argue that if allowed to produce Canadian editions, American publishers would simply include some mention of Canada and then, with their editorial costs already covered, undercut domestic publishers with discount advertising rates.
Most of the $100 million pledged toward the start-up is gone, sunk into the very expensive printing, paper, marketing and editorial costs that go with creating a magazine, especially one published by Condé Nast.
This should help to ease the pressure on finances overall, explains Patterson, as they have lower editorial costs and are more likely to break even than PLoS Biology and PLoS Medicine.
The vote came hours after staff were told the company would lose 120 journalists in its news and business divisions, and slash other editorial costs such as travel and freelance budgets in an attempt to reduce costs amid falling advertising revenue.
