Washington Post Company to Sell Newsweek

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In a startling announcement that is sure to affect the already struggling morale of staffers at Newsweek, owners of the Washington Post Company have announced that they've retained Allen & Company to explore a potential sale of the 77-year-old title. The company has owned the weekly since 1961, but in recent years has lost money on it: In 2009, the magazine had an operating loss of $28.1 million, and underwent serious changes and dozens of staff reductions to try to stave off further losses. "The losses at Newsweek in 2007-2009 are a matter of record. Despite heroic efforts on the part of Newsweek's management and staff, we expect it to still lose money in 2010," said WPC chairman Donald Graham. "We are exploring all options to fix that problem."

Washington Post Co. to Sell Newsweek [Newsweek]