So much for Tina Brown turning a profit for Newsweek, the weekly magazine-turned-blog that sold for $1 and the assumption of liabilities a few years ago.
Newsweek appears to be on the block — again.
According to sources who have been briefed, IAC is sending out inquiries to prospective buyers who may be interested in purchasing the 80-year-old title, which ended weekly publication of its domestic edition late last year in favor of an digital-only format. A revamped Newsweek.com launched earlier this month. ….
In the most recent quarter ended on March 31, IAC reported an operating loss of $8.8 million in its media group, which includes News_Beast, the combined Newsweek and Daily Beast operations, from an operating loss of $6.7 million in the same quarter a year earlier. The company does not break out separate earnings for News_Beast. But it said that in the first quarter for News_Beast and About.com, revenue rose 8% and operating income before amortization rose 29%. It said that the full year outlook was for a percentage growth of operating income before amortization in the mid- to high 20s for About and News_Beast.
According to sources who have been briefed, Newsweek’s 1.5 million subscribers, in the quarter before it ended its print edition, fell to 470,000 in the first quarter of this year, with estimates that it will continue to decline throughout the year.
Da TechGuy reminds us that WaPo turned down an offer to buy Newsweek by Newsmax before unloading it on the Daily Beast.
For the left Newsweek is just another money hole, for the right it could be entrée into the background noise of culture that we need to fight in.
Well, we can’t have that, now, can we?