Now that the Daily Beast and Newsweek have finally merged, the work of resuscitating the beleaguered magazine has begun.
Execs are about to start showing a prototype of Tina Brown’s redesign of the magazine to ad buyers, Adweek has learned.
The magazine apparently is offering deep discounts in order to sell pages. One ad buyer who requested anonymity said, “I can't fall off the floor with my rates.”
“I think [Brown] should do a lot of reminding us of why we should have confidence in the brand,” said another buyer, Jeff Fischer, svp, managing director, print activation group, Universal McCann, whose client roster includes L’Oréal and Chrysler.
“I don't know if it's lost total confidence or not," he added. "The bigger issue is how to keep news relevant in the printed form."
The job of selling the new Newsweek will fall to Ray Chelstowski, who was named publisher recently after stints at Entertainment Weekly and Rolling Stone.
The Washington Post Co. offloaded the title to 92-year-old audio pioneer Sidney Harman last year after it racked up losses that have been estimated at as much as $60 million. Its problems didn’t end there. Since then, it’s suffered an exodus of talent, and ad pages for all of 2010 tumbled 20 percent to 896, per PIB.