WASHINGTON, D.C. The Washington Post Co. today said it has reached an agreement with Microsoft to acquire Slate, the online magazine.
Business operations will be run by Post subsidiary Washingtonpost.Newsweek Interactive. Cliff Sloan, vp of business development and general counsel of WPNI, has been named Slate's publisher.
Its offices in New York and Washington, D.C., will continue to operate and Slate will still be available to users on MSN through links on the MSN portal. Jacob Weisberg will remain editor of Slate.
Financial terms of the deal were not disclosed.
Donald E. Graham, chairman and chief executive officer of the Washington Post, said in a statement: "Slate has been a pioneer in Internet publishing and it is a fine magazine. Founder Michael Kinsley, editor Jacob Weisberg and Microsoft deserve great credit for creating Slate. We couldn't be more enthusiastic about this acquisition."
Slate had 6 million unique users in November 2004, and its audience is similar to that of other WPNI properties (Washingtonpost.com and Newsweek.com).
Revenue for WPNI publications increased 37 percent to nearly $45 million in the first nine months of 2004, the company said.
—Adweek staff report