Global Biz
Washington Post Co. looking to sell Newsweek
(Agencies)
Updated: 2010-05-05 23:32
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WASHINGTON - The Washington Post Co. says it is putting Newsweek up for sale, another stunning moment for a struggling magazine industry.
The company says it has retained the investment bank Allen & Co. to help find a buyer for the money-losing weekly.
Newsweek, which recently underwent a top-to-bottom redesign, was founded in 1933, and the Post Co. has owned it since 1961.
With advertising revenue falling across the industry, Newsweek has been piling up losses since 2007. In a statement Wednesday, Post Co. Chairman Donald E. Graham said he expects those losses to continue this year.
He said, "Newsweek is a lively, important magazine and website, and in the current climate, it might be a better fit elsewhere."
