the Boston Business Journal, in 1996 Technology Review had lost $1.6 million over the previous seven years and was "facing the possibility of folding" due to "years of declining advertising revenue." R. Bruce Journey was named publisher, the first full-time publisher in the magazine's history. According to previous publisher William J. Hecht, although Technology Review had "long been highly regarded for its editorial excellence," the purpose of appointing Journey was to enhance its "commercial potential" and "secure a prominent place for Technology Review in the competitive world of commercial publishing." John Benditt replaced Steven J. Marcus as editor-in-chief, the entire editorial staff was fired, and the modern Technology Review was born. Boston Globe columnist David Warsh described the transition by saying that the magazine had been serving up "old 1960s views of things: humanist, populist, ruminative, suspicious of the unseen dimensions of new technologies" and had now been replaced with one that "takes innovation seriously and enthusiastically." Former editor Marcus characterized the magazine's new stance as "cheerleading for innovation." Under Bruce Journey, Technology Review billed itself as "MIT's Magazine of Innovation". Since 2001, it has been published by Technology Review Inc., a nonprofit independent media company owned by MIT. Intending to appeal to business leaders, editor John Benditt said in 1999, "We're really about new technologies and how they get commercialized." Technology Review covers breakthroughs and current issues on fields such as biotechnology, nanotechnology, and computing. Articles are also devoted to more mature disciplines such as energy, telecommunications, transportation, and the military. Since Journey, Technology Review has been distributed as a regular mass-market magazine and appears on newsstands. By 2003, circulation had more than tripled from 92,000 to 315,000, about half that of Scientific American, and included 220,000 paid subscribers and 95,000 sent free to MIT alumni. Additionally, in August 2003, a German edition of Technology Review was started in cooperation with the publishing house Heinz Heise (circulation of about 50,000 as of 2005). According to The New York Times, as of 2004 the magazine was still "partly financed by M.I.T. (though it is expected to turn a profit eventually)." Technology Review also functions as the MIT alumni magazine; the edition sent to alumni contains a separate section, "MIT News," containing items such as alumni class notes. This section is not included in the edition distributed to the general public. The magazine is published by Technology Review, Inc, an independent