Among the cheerier news items today is the proposed sale by the Washington Post Company of Newsweek, that poorly-managed, irresponsibly-edited magazine that has for decades championed the loopiest kinds of liberalism.I guess if you lean too far left, you do fall down.
Donald E. Graham, chairman and chief executive of the parent company explained the decision to sell, "I did not want to do this, but it is a business. He then admitted the magazine would lose money in 2010.
No kidding.
Newsweek has, in fact, been running severe losses for quite awhile but the last couple of years things have gone catastrophic. Its operating losses in 2009 were $28.1 million, a whopping 82.5% higher than the previous year’s loss! Advertisers are scarce. Subscribers have jumped ship.
No wonder Graham confesses, “We don’t see a sustained path to profitability for Newsweek.”
Hmm. It's an interesting sales pitch. Kinda' like the fellow who advertises his car with a sign, "Doesn't Run Well. Very Expensive to Maintain. Make Me an Offer."
Is Graham really looking for buyers? Or is he just setting the stage for closing the doors? Does he really expect (especially with his pessimistic spin on the magazine's under-achievement) to convince some consortium to come forward (maybe even a billionaire who fancies himself a Charles Foster Kane) and try and keep this sinking ship afloat? Who knows.
But one thing is certain. Unless there's a distinct change in Newsweek's philosophy as well as its management, the magazine will still be doomed.
And that thought (I impishly acknowledge) brings a little lift to my day. Indeed, as I shared in a post last November,
"I remember back in high school debate (and I mean way back, like 1968/9) when guys who used Newsweek as a source were thought pitiful. U.S. News and World Report got some respect among the popular weeklies and you could even get away with a reference to Time every once in awhile. But cite Newsweek and you were likely to draw raised eyebrows from the judges, titters from the knowledgeable in the crowd and sharp retorts from your competitors about what you were going to use next as a source, TV Guide, Mad Magazine, or Highlights for Children. Certainly, professional standards have never been lower at Newsweek than what they are now, but it's always been fish wrap."
One more happy news item? One of the big spending Nanny State's architects, Democrat David Obey from Michigan, has announced his retirement.
