Washington Post puts Newsweek up for sale

May 05, 2010
The Washington Post announced Wednesday that it was putting money-losing Newsweek magazine up for sale.

The Washington Post announced Wednesday that it was putting money-losing Newsweek magazine up for sale.

"Newsweek is a lively, important magazine and website, and in the current , it might be a better fit elsewhere," Washington Post Co. chairman Donald Graham said in a statement.

"The losses at Newsweek in 2007-2009 are a matter of record," Graham said. "Despite heroic efforts on the part of Newsweek's management and staff, we expect it to still lose money in 2010.

"We are exploring all options to fix that problem," he said.

The Post Co. said it had retained Allen & Company to explore the possible sale of the magazine, which was launched in 1933 and purchased by the Post Co. in 1961.

In addition to Newsweek and the flagship Washington Post, the Post Co. owns Kaplan educational services and cable TV operations.

Like other US magazines, Newsweek has been grappling with a steep drop in print advertising revenue, steadily declining circulation and the migration of readers to free news online.

The Post Co.'s magazine publishing division, which includes Newsweek, Slate and other titles, reported an operating loss of 29.3 million dollars last year.

Advertising revenue at Newsweek fell 37 percent last year.

The decision to sell Newsweek follows a series of cost-cutting moves at The .

In November, on the heels of early retirements or buyouts for several hundred Post employees, the newspaper announced that it was closing its last three domestic bureaus in the United States.

Explore further: It's down to the wire for online shopping

add to favorites email to friend print save as pdf

Related Stories

Washington Post stems tide of red ink

Jul 31, 2009

The Washington Post Co. reversed its slide and posted a quarterly profit on Friday despite a steep decline in advertising revenue at its flagship newspaper.

Washington Post axes national weekly edition

Aug 10, 2009

The Washington Post is axing its national weekly edition, a publication featuring a selection from the daily newspaper whose circulation has dropped from 150,000 a decade ago to just 20,000 today.

NY Times, Washington Post to cull staff

Mar 26, 2009

The New York Times and Washington Post, two of the most prestigious titles in American journalism, plan another round of pay cuts, layoffs and buyouts amid a steep decline in advertising revenue.

Google adds new media partners to 'Fast Flip'

Dec 17, 2009

Internet giant Google on Wednesday added another 24 media partners to its online news reader "Fast Flip," including the Tribune and McClatchy newspaper groups, the Huffington Post and Politico.

Recommended for you

It's down to the wire for online shopping

2 hours ago

As the holiday shopping season winds down, FedEx, UPS and online retailers are using the last few days to try to avoid the problems that occurred last year when severe winter weather and a surge in late orders ...

China's Xiaomi raises more than $1 bn in funding

Dec 21, 2014

China's top smartphone seller Xiaomi Corp. is raising more than $1 billion in a fresh round of funding, a move which would raise its valuation above $45 billion, a report said Sunday.

Why the Sony hack isn't big news in Japan

Dec 20, 2014

Japan's biggest newspaper, Yomiuri Shimbun, featured a story about Sony Corp. on its website Friday. It wasn't about hacking. It was about the company's struggling tablet business.

Sony faces 4th ex-employee lawsuit over hack

Dec 20, 2014

A former director of technology for Sony Pictures Entertainment has sued the company over the data breach that resulted in the online posting of his private financial and personal information.

Sony tells AFP it still plans movie release

Dec 20, 2014

Sony Pictures boss Michael Lynton denied Friday the Hollywood studio has "caved" by canceling the release of "The Interview," and said it still hoped to release the controversial film.

2012 movie massacre hung over 'Interview' decision

Dec 19, 2014

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.