The Washington Post Co. is putting it’s Newsweek magazine up for sale because The Post Co.says that it cannot foresee any path to profitability for this money-losing magazine.
The Post Co. said that it hopes to get a “rapid sale,” even though there are no buyers yet.
The Post’s magazine group, of which Newsweek is a part of, reportedly lost $29.3 million last year and another $16.1 million the previous year.
Post Co. Chairman Donald Graham said:
“Newsweek’s staff has been remarkable in cutting expenses and putting out a great magazine. But we did not see a path to sustained profitability within the company.”
Newsweek, was founded in 1933, and has been part of The Post’s DNA ever since it was bought over back in 1961 .
The Washington Post Company is an American education and media company, which is famous for owning the newspaper called “The Washington Post.”