Spin magazine is going through a major restructuring. On Monday (Feb. 23), Spin acting publisher and Vibe/Spin Ventures CEO Alex Mironovich and Spin associate publisher Michael Zivyak both resigned. T

Spin magazine is going through a major restructuring. On Monday (Feb. 23), Spin acting publisher and Vibe/Spin Ventures CEO Alex Mironovich and Spin associate publisher Michael Zivyak both resigned. The magazine has appointed Jacob Hill as its new publisher, a position left vacant since former publisher Jonathan Chalon exited in mid-2003. Hill was previously a senior consultant to Budget Living magazine, and he was a co-founder and publisher of Arthur Frommer's Budget Travel magazine.

A Spin spokeswoman had no comment on any more possible changes at the magazine, and denied rumors that Spin is going out of business.

Spin, a New York-based monthly magazine that specializes in covering modern rock, has experienced a decrease in advertising revenue over the past few years. According to Billboard sister publication Mediaweek, Spin's ad pages declined 14% in 2003 compared to the previous year. In 2004 to date, Spin has run 132 ad pages, down 8% from the corresponding period in 2003.

Spin was founded in 1985 by Bob Guccione Jr., who sold the magazine in 1997 for about $42.5 million. Spin is now owned by the same company that owns Vibe magazine, Vibe/Spin Ventures. In his new post, Hill will report to Vibe/Spin Ventures chairman/CEO Robert Miller, who has added the CEO title in the wake of Mironovich's exit.

Vibe magazine -- which Time Inc. sold for $20 million in 1996 -- has surpassed the ad revenue and paid circulation of its sister publication. Vibe's 2004 year-to-date ad pages number 242, down nearly 4% compared to the corresponding period in 2003, but nearly double Spin's year-to-date total.

According to the Audit Bureau of Circulations, as of December 2003, Spin's paid circulation was 560,531, making it the No. 3 U.S. music consumer magazine. Vibe is No. 2, with 834,984 in paid circulation. Rolling Stone is No. 1, with paid circulation of 1.3 million.