Newsweek magazine owned by Washington Post Co. which has been losing money in advance of Internet is up for sale the Post said.
The Post’s magazine group, of which Newsweek is the biggest piece, lost $29.3 million last year after losing $16.1 million the previous year. Graham said he expects it to lose money this year.
The weekly mag is an on favorite of mine – that once featured Malaysia opposition figure Anwar Ibrahim on its cover.
The Post Co. hired boutique investment bank Allen & Co. to seek buyers for the magazine.
Perhaps local publishing tycoons should consider bidding for it – as it often that you get a powerful platform as Newsweek.