Company Town : Time, Sports Illustrated Get New Editors

Time Inc. named new managing editors at its Time and Sports Illustrated magazines Thursday and said it will disband a management group that oversaw regional and special interest magazines and TV projects.

The new managing editor of Time is Walter Isaacson, 43, who had been editor for new media at Time Inc. since 1993. He succeeds Jim Gaines, who has been named corporate editor of Time Inc., which is the publishing division of Time Warner Inc. Gaines will report to Norman Pearlstine, Time Warner’s editor-in-chief.

The new managing editor of Sports Illustrated is Bill Colson, 45, who has been assistant managing editor at the magazine since 1991. He succeeds Mark Mulvoy, who is becoming the editor of Sports Illustrated with top responsibility for Olympics projects outside the weekly magazine as well as for SI for Kids and SI Presents.

The Time Inc. Ventures management unit that is being disbanded employs a handful of executives and support staff in Los Angeles, the company said.