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.