Newsweek magazine put up for sale

By DPA,

New York : Newsweek, the weekly US magazine hard hit by the internet and the recession, has been put up for sale by its owner, the Washington Post Company, the publisher announced Wednesday.


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The renowned newspaper bought the magazine in 1961, but said that a spate of heavy losses in recent years forced it to find a buyer for a journal that along with its main rival Time magazine was for decades seen as one of the best weekly news sources in the US.

“The losses at Newsweek in 2007-2009 are a matter of record. Despite heroic efforts on the part of Newsweek’s management and staff, we expect it to still lose money in 2010,” said Washington Post chairman Donald E Graham in a statement. “We are exploring all options to fix that problem. In the current climate, it might be a better fit elsewhere.”

Last year the company cut its guaranteed circulation of the magazine to 1.5 million from 2.6 million previously and also began a round of job cuts.

According to the Washington Post’s financial statement, the company’s magazine division, of which Newsweek is the primary component, lost $29.3 million last year as revenue plunged 27 percent to $184.2 million.

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