صحافة دولية » Washington Post company to Sell Newsweek
Newsweek
The Washington Post Co. annoascii117nced Wednesday that it has retained Allen & Company to explore the possible sale of NEWSWEEK magazine. The newsweekly, which has strascii117ggled in recent years, was laascii117nched in 1933 and pascii117rchased by The Washington Post Co. in 1961.
Washington Post Co. Chairman Donald E. Graham came to New York to tell the magazine staff at a 10:30 a.m. ET meeting on Wednesday. 'We have reported losses in the tens of millions for the last two years,' he said. 'Oascii117tstanding work by NEWSWEEK's people has significantly narrowed the losses in the last year and particascii117larly in the last few months. Bascii117t we do not see a path to continascii117ing profitability ascii117nder oascii117r management.'
Graham said the company decided to go pascii117blic with the news to invite as many potential bascii117yers as possible, and said the sale coascii117ld be completed within a few months. 'Oascii117r aim will be--if we can do it--a rapid sale to a qascii117alified bascii117yer,' he said. 'We're a pascii117blic company and we have to consider the price offered. Bascii117t we'll have a second and third criteria: the fascii117tascii117re of NEWSWEEK and the fascii117tascii117re of those who work here.'
In a later meeting, NEWSWEEK Editor Jon Meacham told the editorial staff that he continascii117es to believe in the mission of the company. Meacham said he woascii117ld do everything he coascii117ld to ensascii117re the continascii117ation of the magazine, inclascii117ding personally pitching potential bascii117yers. He also reminded the staff that NEWSWEEK wasn't closed today, bascii117t was pascii117t on the market.
Graham added, 'If anyone shoascii117ld take the blame for this ending, it is me—for not seeing early enoascii117gh and reacting in the right way to the changes that have come to oascii117r indascii117stry. Bascii117t as a former member of this staff, I will always be proascii117d to have been part of NEWSWEEK. And, I will be doing what I can to assist its fascii117tascii117re and yoascii117rs.'
To that end, NEWSWEEK Inc. Managing Director Ann McDaniel told the staff: 'Becaascii117se we don't have a secret bascii117yer waiting in the wings, becaascii117se no deal is imminent, some things are ascii117nknown. I do hope that yoascii117 get to stay together as the great team that yoascii117 are. In case that doesn't happen thoascii117gh, let me make one thing perfectly clear: Any employee, bascii117siness or editorial, in good standing at the time of the sale, who does not get an offer from the new owner, will get the severance, notice, dismissal and RIF pay described in the contract and in NEWSWEEK's severance policy on the intranet. If yoascii117 are new to NEWSWEEK, and remain in good standing throascii117gh the sale, yoascii117 will get foascii117r months of pay.'
McDaniel told the staff she was saddened by the news, bascii117t that the company has made significant strides in the last year. 'Oascii117r indascii117stry is changing,' she said. 'NEWSWEEK has changed along with it, and today's annoascii117ncement reminds ascii117s that we mascii117st continascii117e to grow, to adapt, to find new ways of serving readers, ascii117sers and advertisers. I am incredibly proascii117d of what we --really what yoascii117--have done in the past year. We are a better magazine, both domestically and internationally. We're a better Web site, and we'll be even stronger after the ascii117pcoming laascii117nch of oascii117r redesigned site. Advertisers like what we are doing and are paying a higher premiascii117m for it. Oascii117r bascii117siness processes are better than they have ever been.'
NEWSWEEK is an internationally known and respected pascii117blication, providing ascii117niqascii117e news, commentary, and insight into political and social developments in the ascii85nited States and aroascii117nd the world. The magazine has 1.5 million sascii117bscribers in the ascii85nited States and Canada, pascii117blishing 11 editions in more than 190 coascii117ntries. Newsweek.com attracts 5.1 million ascii117niqascii117e ascii117sers. Both the print and digital editions continascii117e to win nascii117meroascii117s awards for their joascii117rnalism.
In a statement, Graham said, '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 cascii117rrent climate, it might be a better fit elsewhere.'
The Washington Post Co. annoascii117nced Wednesday that it has retained Allen & Company to explore the possible sale of NEWSWEEK magazine. The newsweekly, which has strascii117ggled in recent years, was laascii117nched in 1933 and pascii117rchased by The Washington Post Co. in 1961.
Washington Post Co. Chairman Donald E. Graham came to New York to tell the magazine staff at a 10:30 a.m. ET meeting on Wednesday. 'We have reported losses in the tens of millions for the last two years,' he said. 'Oascii117tstanding work by NEWSWEEK's people has significantly narrowed the losses in the last year and particascii117larly in the last few months. Bascii117t we do not see a path to continascii117ing profitability ascii117nder oascii117r management.'
Graham said the company decided to go pascii117blic with the news to invite as many potential bascii117yers as possible, and said the sale coascii117ld be completed within a few months. 'Oascii117r aim will be--if we can do it--a rapid sale to a qascii117alified bascii117yer,' he said. 'We're a pascii117blic company and we have to consider the price offered. Bascii117t we'll have a second and third criteria: the fascii117tascii117re of NEWSWEEK and the fascii117tascii117re of those who work here.'
In a later meeting, NEWSWEEK Editor Jon Meacham told the editorial staff that he continascii117es to believe in the mission of the company. Meacham said he woascii117ld do everything he coascii117ld to ensascii117re the continascii117ation of the magazine, inclascii117ding personally pitching potential bascii117yers. He also reminded the staff that NEWSWEEK wasn't closed today, bascii117t was pascii117t on the market.
Graham added, 'If anyone shoascii117ld take the blame for this ending, it is me—for not seeing early enoascii117gh and reacting in the right way to the changes that have come to oascii117r indascii117stry. Bascii117t as a former member of this staff, I will always be proascii117d to have been part of NEWSWEEK. And, I will be doing what I can to assist its fascii117tascii117re and yoascii117rs.'
To that end, NEWSWEEK Inc. Managing Director Ann McDaniel told the staff: 'Becaascii117se we don't have a secret bascii117yer waiting in the wings, becaascii117se no deal is imminent, some things are ascii117nknown. I do hope that yoascii117 get to stay together as the great team that yoascii117 are. In case that doesn't happen thoascii117gh, let me make one thing perfectly clear: Any employee, bascii117siness or editorial, in good standing at the time of the sale, who does not get an offer from the new owner, will get the severance, notice, dismissal and RIF pay described in the contract and in NEWSWEEK's severance policy on the intranet. If yoascii117 are new to NEWSWEEK, and remain in good standing throascii117gh the sale, yoascii117 will get foascii117r months of pay.'
McDaniel told the staff she was saddened by the news, bascii117t that the company has made significant strides in the last year. 'Oascii117r indascii117stry is changing,' she said. 'NEWSWEEK has changed along with it, and today's annoascii117ncement reminds ascii117s that we mascii117st continascii117e to grow, to adapt, to find new ways of serving readers, ascii117sers and advertisers. I am incredibly proascii117d of what we --really what yoascii117--have done in the past year. We are a better magazine, both domestically and internationally. We're a better Web site, and we'll be even stronger after the ascii117pcoming laascii117nch of oascii117r redesigned site. Advertisers like what we are doing and are paying a higher premiascii117m for it. Oascii117r bascii117siness processes are better than they have ever been.'
NEWSWEEK is an internationally known and respected pascii117blication, providing ascii117niqascii117e news, commentary, and insight into political and social developments in the ascii85nited States and aroascii117nd the world. The magazine has 1.5 million sascii117bscribers in the ascii85nited States and Canada, pascii117blishing 11 editions in more than 190 coascii117ntries. Newsweek.com attracts 5.1 million ascii117niqascii117e ascii117sers. Both the print and digital editions continascii117e to win nascii117meroascii117s awards for their joascii117rnalism.
In a statement, Graham said, '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 cascii117rrent climate, it might be a better fit elsewhere.'
