Washington Post Co. to Sell Newsweek
Posted on May 5, 2010
The Washington Post Co. has announced that is plans to sell Newsweek. Allen & Company has been retained by the Washington Post Co. to explore the possible sale of magazine. The newsweekly was launched in 1933 and purchased by The Washington Post Co. in 1961.
Donald E. Graham, chairman of The Washington Post Co., says, "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. 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."