2010 seemed to be a bright year for media: magazine foldings have come to a halt, layoffs have decreased, and ad sales are on the upswing. But one niche seems to still be suffering: the national newsweekly.
Last Wednesday, the
Washington Post Company announced that they are selling 77-year-old
Newsweek magazine. "Despite heroic efforts on the part of
Newsweek’s management and staff, we expect it to still lose money in 2010, " explained Washington Post Co. Chairman Donald E. Graham. On the one hand, Ed isn't too surprised: daily papers and other news organizations have been hit hard by the internet's cheap and fast ability to cover breaking news. On the other, Ed's sad to see such an esteemed and established publication go the way of other popular magazines he grew up reading.
New York Times media columnist David Carr has a number of theories for why
Newsweek is being sold. Ed gives you the scoop after the jump!