Friday, May 7, 2010

Does Newsweek Have a 'Slim' Chance?

Cover of the February 17, 1933 (vol. 1 issue 1...Image via Wikipedia
The Washington Post has retained Washington, D.C. law firm Covington & Burling to advise it on the sale of Newsweek magazine, the black-and-blue newsweekly that bled $28 million in losses last year. Meanwhile, Newsweek's editor, Jon Meacham, has expressed hope he can corral investors and purchase the magazine.

Now, The New York Post reports today that Carlos Slim, the Mexican billionaire who owns 7 percent of The New York Times, was taking in the sites of Manhattan this week, meeting with Newsweek executives and New York Times bigwigs, with plans at the very least to increase his ownership stake in the Gray Lady.  Not so fast, says, which quotes a Slim spokesperson (and son-in-law) as confirming that the billionaire visited New York City, but did not contact Newsweek and has no present interest in boosting his ownership in the Times.

The mainstream press has trouble getting the story right these days, even when it's covering itself.  One thing is indisputable--the slow death that Newsweek in  its current state is suffering has picked up its pace.

Reblog this post [with Zemanta]

No comments:

Post a Comment