Wednesday, May 29, 2013

Anyone Wanna Buy a Debt-Laden, Subscriber-Deprived, Digital-Only News Journal?

 (Photo credit: Wikipedia)

Maybe three times will be the charm for beleaguered IAC-owned Newsweek.

Once boasting a circulation of three million, Newsweek has changed hands twice in the past three years. Acquired in 2010 from The Washington Post Co. for $1 plus assumption of its considerable debt by the late audio magnate Sidney Harman, Newsweek merged with the Daily Beast in 2012 and its present majority owner, Barry Diller's IAC, is looking to unload the forlorn digital-only publication, Variety reports.

Online traffic reportedly has reportedly shrunk by one million unique visitors over the past four months and its subscription base has plunged from 1.5 million to 470,000, according to the Variety article. The magazine renamed its digital version Newsweek Global, even though, unlike in the U.S., print editions of the newsweekly are still available around the world pursuant to royalty arrangements.

Newsweek debuted a revamped Web site this month, and Variety reported the publication has plans to unveil a paywall that will charge Web site visitors $2.99 a month to subscribe. Diller has been quoted in the press recently as saying he regrets purchasing the 80-year-old publication.
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