The writer is a closeted piece-o'-SH*T and Newsweek is dead.
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Washington Post Co. puts Newsweek magazine up for sale
Newsweek, founded in 1933, generated only $8 million in online ad revenue last year.
By Frank Ahrens and Howard Kurtz
Washington Post Staff Writer
Thursday, May 6, 2010
The Washington Post Co. is putting Newsweek up for sale because the company can foresee no path to profitability for the money-losing magazine, The Post Co. said Wednesday.
Though no buyer is imminent, company officials said, The Post Co. hopes to execute a "rapid sale," Chairman Donald E. Graham told Newsweek employees during a Wednesday morning meeting at the magazine's office in New York.
The Post's magazine group, of which Newsweek is the biggest piece, lost $29.3 million last year after losing $16.1 million the previous year. Graham said he expects it to lose money this year.
Washington Post Co. puts Newsweek magazine up for sale