The Washington Post Company announced today that it has retained Allen&Company to explore the possible sale of Newsweek magazine. The newsweekly was launched in 1933 and purchased by The Washington Post Company in 1961. Newsweek is an internationally known and respected publication, providing unique news, commentary and insight into political and social developments in the United States and around the world.
“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. We are exploring all options to fix that problem,” said Donald E. Graham, chairman of The Washington Post Company. “Newsweek is a lively, important magazine and website, and in the current climate, it might be a better fit elsewhere.”
Current Newsweek editor Jon Meacham is rumored to be putting together his own bid for the magazine, according to the website The Awl. Interesting…
Read the official press release here.