May 5th, 2010
12:37 PM ET

Washington Post Co. wants to sell Newsweek

Washington Post co. announced Wednesday it is looking to sell Newsweek magazine, which has posted losses since 2007 and is expected to continue to see sales decline in 2010.

The publishing company said it has hired investment bank Allen & Co. to explore the sale of the magazine, which was launched in 1933 and has been owned by Washington Post Co. for almost 50 years.

"The losses at Newsweek in 2007-2009 are a matter of record," said Donald E. Graham, chairman of the Washington Post Co.

During the three-year period, total circulation fell by nearly 37%, with newsstand sales sliding 44%, according to the Audit Bureau of Circulations.

"Despite heroic efforts on the part of Newsweek's management and staff, we expect it to still lose money in 2010," Graham said. "We are exploring all options to fix that problem. Newsweek is a lively, important magazine and website, and in the current climate, it might be a better fit elsewhere."

Shares of Washington Post Co., which also publishes the Washington Post daily newspaper, online magazine Slate, and Kaplan educational books, were down 1.4% in midday trading.

soundoff (One Response)
  1. b. johnson

    I cancelled my Newsweek subscription ten years ago, when I could no longer stomach the biased reporting and liberal tilt to everything from political cartoons to movie reviews. The last straw was when a regular columnist wrote about the woman who drowned her own children, one by one, in the bathtub. When this columnist actually said that it was understandable because of the stress of being a mother, I knew "I wasn't in Kansas anymore." A couple of months ago while in a hospital waiting room, I picked up a copy of Newsweek and was once again reminded why I cancelled my earlier subscription. Snarkier and nastier than ever...... I give Newsweek a down arrow.

    May 5, 2010 at 7:34 pm | Report abuse |