Washington Post Co. looking to sell Newsweek

The Post, which has owned Newsweek since the '60s, is hoping to find a buyer for its money-losing title



Associated Press
May 5, 2010 7:12PM (UTC)

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.

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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."


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