Remember the good old media days when a Newsweek magazine cover could make or break a movie? Now its 51-year parent company, the Washington Post Co, has hired Allen & Co to find a buyer for the money-losing mag. Newsweek has been unprofitable since 2007. “Despite heroic efforts on the part of Newsweek’s management and staff, we expect it to still lose money in 2010,” Washington Post Chairman Donald Graham said in the statement. “In the current climate, it might be a better fit elsewhere.” As a one-time Newsweek correspondent myself (based in Washington DC and then Los Angeles), this is a sad day indeed. On the other hand, the mag isn’t even hiring journalists anymore: shameful that its website has sunk so low as to recently bring aboard that asshole Gabriel Snyder who couldn’t even keep his job chasing vagina shots at the despicable Gawker gossip site.
Editor-in-Chief Nikki Finke - tip her here.