Magazine Publishers Are Basically Just Stealing Cable's Business Model For Their Tablet Plans

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The magazine tablet business model sure looks a lot like that of the cable companies'.

David Carey, president of Hearst Magazines, explained at Paid Content's advertising conference: 

How many people here pay more than $2,000 per year for their cable bill? A lot, but the companies don't ask you for that all at once. They want $160 per month. 

For the magazine business, what tablets allow us to do is to get into continuous service monthly billing. We're selling a lot at a $1.99 per month. That's $24 per year, which is often more than you get in print.

Presumably, the lifetime value will be longer because we don't have to go through this archaic process to go back after 12 months and say, "Are you sure you want to continue with this?" So it takes all the friction out of the retention business.

We're seeing really good numbers there. 

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Bank Of America Layoff Plans Now Just Getting Ridiculous

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Texas A&M Tells The Big 12 That It Plans To Withdraw From The Conference

The New York Times is reporting that Texas A&M has sent a letter to the chairman of the Big 12 Conference, formally announcing its intention to withdraw from the league.

The final decision could come as early as Tuesday.

Rumors had been swirling for weeks that the school was looking to jump to the Southeastern Conference, though no formal invitation had been extended.

However, it's unlikely that A&M would take such a dramatic step announcing its plans, unless they were reasonably confident that the SEC was waiting to accept them.

The Aggies will also have to negotiate an exit fee with the Big 12, which could be more than $15 million. The conference reportedly sent the school a letter on Monday, spelling out what they believe the school's legal and financial obligations are to the league.

If the move is successful, A&M's transfer threatens to upset the fragile balance of college sports once again.

The Big 12 was already reduced to 10 teams during last year's conference shake up that saw Nebraska move to the Big 10 (giving them 12 teams), while Colorado and Utah joined the Pac 10.

The addition of A&M would also give the SEC an uneven number of schools, which could inevitably lead to them adding a 14th school. (And possibly a 15th and 16th. Clemson, Missouri, Florida State and Virginia Tech have all been floated as possible additions.)

A&M's move is believed to be a response to formation of the Longhorn Network, a 24-hour cable channel devoted to just one school -- arch rival Texas. The money brought in by the TV network (via ESPN) would be seem to be too big an advantage for one team to have.

Also, the loss of Nebraska means the Big 12 cannot hold a conference championship game any more. Plus, the Big 12 does not distribute bowl payouts evenly among all conference members the way the SEC does (which also bring in more bowl money in the first place.) Financially, it's a move that some A&M supporters feel they have to make.

The withdrawal could lead to more falling dominoes that could potentially kill the Big 12 forever. As long as Texas and Oklahoma remain committed, the conference could survive in some form, perhaps by bringing in new blood in schools like TCU, BYU and Boise State.

However, if Oklahoma decides it doesn't like the Longhorn Network so much either, or simply feels that the writing is on the wall for the Big 12's demise, the league may soon evaporate for good.

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NYSE Plans To Ring The Opening Bell Monday Even As Irene Threatens New York

For Wall Street, it's business as usual.

The New York Stock Exchange is planning to open on Monday even as hurricane Irene charges up the eastern seaboard toward New York.

"Our plan is to ring that bell Monday morning at 9:30," Lou Pastina, the head of floor operations for the NYSE told CNBC.

As part of the NYSE's contingency plan, Pastina said some traders and people at member firms have already booked hotel rooms.
He also said the NYSE has generators for power if necessary. 

What's more is if there is a delay, the NYSE also has electronic exchanges such as Arca so trading can take still take place.  

Yesterday mayor Michael Bloomberg issued the first mandatory evacuation in the city's history for low-lying areas prone to storm surge and flooding. 

Those in what has been designated as zone A will have to evacuate by 5 p.m. ET on Saturday. 

The NYSE is not in zone A, but banks such as Goldman Sachs on 200 West St. and Citigroup's TriBeCa offices on 388 Greenwich St. are located in the evacuation zone.  Firms such as Nomura Securities, Merrill Lynch Wealth Management and RBC Capital Markets are also in Zone A.

Public transportation might also be an issue for those trying to commute to the city.

The MTA also announced buses, subways, Long Island Railroad and Metro-North will cease operations Saturday at noon.

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Astur Gold Plans $180 Million Revival Of Roman-Era Mine In Spain

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An as-of-yet-untapped gold field on the northern coast of Spain, the Salave Project is on its way to being pillaged by Canadian company Astur Gold Corp, according to Bloomberg (via Paul Kredrosky).

The field, developed 2,000 years ago by the Romans, is said to contain roughly two million ounces of gold, which has seen its futures double over the last three years.

Astur first secured the rights in 2010 but its mining license was turned down by the previous Socialist administration. The newly elected President Emilio Hormaeche is expected to accept the new request by 2012.

A new $180 million dollar mine project is proposed for the project. The Vancouver-based Astur can expect to make those numbers back quickly, with gold prices currently at $1,750 an ounce. Astur will look to pull in 135,000 ounces of gold per year.

Another nearby project, Orvana Mineral Corp's Boinas site, was said to be the biggest in Europe, able to churn out 100,000 ounces per year.

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