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.
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.