Thursday, May 06, 2010

Newsweek Sale.

The Washington Post announced yesterday that it intends to sell Newsweek and that it has hired Allen & Company to help market the magazine. The folks at Business Insider offered to pay $1 for it, but reserved the right to lower its bid after due diligence. The likeliest outcome, unless a crazy billionaire can be found, is that the Washington Post will have to pay someone or some company to take Newsweek off it hands. The legacy costs (pensions, health care, etc) are likely under-funded and much larger than one would imagine.