– Nearly 50 years after first acquiring the weekly news magazine, The
Washington Post Company said on Wednesday that it is exploring the possible
sale of Newsweek. The company has retained Allen & Company to help find
potential buyers for the publication, which has seen mounting red ink over the
past three years.
"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 Donald Graham, chairman of
The Washington Post.
"Newsweek is a lively, important magazine and
website, and in the current climate, it might be a better fit elsewhere."
Newsweek was launched in 1933, and purchased by The Washington Post in 1961.