Newsweek has put itself up for sale, the magazine reported on its Web site in a three-paragraph article.
Newsweek’s parent, the Washington Post Co., retained Allen & Co. to explore a possible sale of the magazine, according to Newsweek.com.
“The losses at Newsweek in 2007-2009 are a matter of record,” Donald E. Graham, chairman of The Post Co., was quoted as saying. “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 current climate, it might be a better fit elsewhere.”
See also: “Newsweek to Lose Offices”