Newsweek Up for Sale
{{#rendered}} {{/rendered}}WASHINGTON -- The Washington Post Co. says it is putting Newsweek up for sale, another stunning moment for a struggling magazine industry.
The company says it has retained the investment bank Allen & Co. to help find a buyer for the money-losing weekly.
Newsweek, which recently underwent a top-to-bottom redesign, was founded in 1933, and the Post Co. has owned it since 1961.
{{#rendered}} {{/rendered}}With advertising revenue falling across the industry, Newsweek has been piling up losses since 2007. In a statement Wednesday, Post Co. Chairman Donald E. Graham said he expects those losses to continue this year.
He said, "Newsweek is a lively, important magazine and website, and in the current climate, it might be a better fit elsewhere."