It appears that the Washington Post Co. has had enough of losing its rear end on Newsweek Magazine, the left-wing rag the Post has been bathed in red ink from running over the past two years, and is now putting the magazine on the market.
The magazine’s circulation was once over 3 million, but it’s currently half that number. And The Post’s magazine division posted a monster $29 million loss last year after a $16 million dump in 2008. Even after cutting 1/4 of its staff and totally redesigning its layout, the Post has given up hope that the newsweekly (a totally outmoded publishing concept – believe us, we know about these things) can ever turn a profit again.
Of course, putting out covers which say offensive things like “We’re All Socialists Now” and have Sarah Palin in running shorts in exploitative hit-jobs on the front page, while at the same time allowing red-diaper baby hacks like Evan Thomas editorial control tends to make snazzy layouts irrelevant. Committing journalistic atrocities like lying about Qurans being flushed down toilets by U.S. military personnel (which resulted in the killings of a not-insignificant number of people), or shamelessly flogging the global warming scam, or trying to paint Glenn Beck as Father Coughlin, which wasn’t just an overt hit job but a completely inaccurate characterization of the two (they literally couldn’t have more diametrically opposed messages) doesn’t exactly scream “bright future,” either.
In other words, Newsweek’s business model sucks – but its product sucks more. After $45 million in suckage over the past two years, the Post is looking for a sucker to dump this thing on. One is born every minute, they say.
What might be a more plausible idea, since anyone with enough money to buy Newsweek more than likely has enough sense to invest money in sea monkeys or Nigerian bank transactions instead for a higher return, is for the Post to simply shut the doors and tube it. Either way, it doesn’t matter – the creative destruction of the free market is alive and well even in the Age Of Obama, and we look forward to the death of another propaganda dinosaur.