The Washington Post Company is putting Newsweek up for sale and this isn’t much of a sales pitch:
Washington Post Co. Chairman Donald E. Graham came to New York to tell the magazine staff at a 10:30 a.m. ET meeting on Wednesday. “We have reported losses in the tens of millions for the last two years,” he said. “Outstanding work by NEWSWEEK’s people has significantly narrowed the losses in the last year and particularly in the last few months. But we do not see a path to continuing profitability under our management.”
That’s kind of like saying the reason you’re trying to sell your car is that it’s a really crappy car.
And I’m actually sort of surprised Graham took such a dour line. I would have just said that in a digital paradigm it doesn’t make sense for one company to own both a daily news product and a weekly news product. In an “ink on paper” world, there’s a big difference between a good Newsweek story and a good Washington Post story but in a “pixles on the internet” paradigm there isn’t. If the Washington Post Company is going to operate two different web products they would have to be differentiated along a different axis—one could be a local news site about the DC metropolitan area and one could be a site about about politics and national affairs. But the Post/Newsweek alignment didn’t make sense. The two print publications were supplements while the two websites are competitors.