Washington Post Co. Seeking to Unload Money-losing Newsweek
Apparently all those loyal subscribers from dentist offices all over the fruited plain just isn't cutting it anymore.
Andrew Vanacore of the Associated Press has the story:
NEW YORK—The Washington Post Co. is putting Newsweek up for sale in hopes that another owner can figure out how to stem losses at the 77-year-old weekly magazine.
While magazines in general have struggled with steep declines in advertising revenue because of the recession, news magazines such as Newsweek face the added pressures from up-to-the-second online news. Once handy digests of the week's events, they have been assailed by competitors on the Web that pump out a constant stream of news and commentary.
Despite staff cuts, Newsweek has remained a drag on its parent company, which is also struggling with ad declines at its namesake newspaper.
The Post Co. said Wednesday that it has retained the investment bank Allen & Co. to help find a buyer for the magazine.