Usually when somebody tries to sell you a magazine, they’re talking a single issue or a subscription. But the Washington Post is trying to sell Newsweek lock, stock and barrel, and has brought Allen & Company on board to help find a buyer.
Newsweek is an iconic title, but like many print titles has fallen on hard times, and was headed in that direction even before the financial meltdown made itself felt on the media back in the Fall of 2008.
WaPo is making no bones about the fact that Newsweek is a troubled property.
“The losses at Newsweek in 2007-2009 are a matter of record,” said Donald E. Graham, chairman of The Washington Post Company. “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. Newsweek is a lively, important magazine and website, and in the current climate, it might be a better fit elsewhere.”
RBR-TVBR observation: The emergence of the internet has taken a bite out of just about every pre-existing medium, but has clearly been most damaging to the print categories, newspaper and magazine. Perhaps WaPo should get its editorial page in gear to lobby Washington for some sort of Cash for Ink-Stained Clunkers program.
Allow us to offer full disclosure in the aftermath of making our admittedly snarky observation: We used to be offered as a weekly printed magazine, before taking up fulltime residence on the internet. Not only do we feel Post/Newsweek’s pain, we’ve been there.