Washington Post Co. (WPO) this morning said it has hired Allen & Co. to explore the possible sale of Newsweek magazine. Started in 1933, the magazine has been owned by the Post since 1961.
The company noted in a statement that the magazine lost money in 2007-2009, and added that “despite heroic efforts” by Newsweek’s staff, another loss is likely this year. “We are exploring all options to fix that problem,” Washington Post Chairman Donald Graham said in a statement, adding that “it might be a better fit elsewhere.”
You have to wonder if maybe it would be a better fit nowhere.
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