Newsweek Not a Skinny Picture Book!

Newsweek formally announced to its staff today the changes we told you about earlier this morning. Apparently they have no intention of becoming a pamphlet with pretty pictures! “We’re not becoming a skinny picture book(!)” says Ann McDaniel, vice president at Newsweek parent Washington Post Co.

Newsweek Chief Executive Tom Ascheim said in the meeting that the rate-base discussion is “utterly the wrong conversation” to be having, and that people should instead focus on the magazine’s broader impact…Newsweek executives said they hadn’t yet decided how they would adjust the rate base… they said it is committed to its current circulation guarantee of 2.6 million copies for the first half of 2009, but that could change on July 1.

Also, the layoffs will be smaller in number this time around (compared to the 111 person round that took place in the spring) but the buyout packages won’t be as rich.