The Washington Post Co. is putting Newsweek up for sale in hopes that another owner can figure out how to stem losses at the 77-year-old weekly magazine.
While magazines in general have struggled with steep declines in advertising revenue because of the recession, news magazines such as Newsweek face the added pressures from up-to-the-second online news. Once handy digests of the week’s events, they have been assailed by competitors on the Web that pump out a constant stream of news and commentary.
Despite staff cuts, Newsweek has remained a drag on its parent company, which is also struggling with ad declines at its namesake newspaper.
The Post Co. said Wednesday that it has retained the investment bank Allen & Co. to help find a buyer for the magazine.
With advertising revenue falling across the industry, Newsweek has been piling up losses since 2007. The company expects those losses to continue this year.
Read More: BY ANDREW VANACORE, AP
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