The future of print journalism looks a little less promising everyday as readership declines and more people turn to the Web for news and information. Once-credible magazines and newspapers are now seeing large layoffs, decreases in advertising and circulation revenue.
Unfortunately, Newsweek is another publication suffering from that negative domino effect. Newsweek has seen dramatic losses for the past two years.
According to an article on the Huffington Post, Newsweek cut costs by having voluntary buyouts, causing them to reduce their staff by about a quarter.
The magazine tried rejuvenating its name and publication by redesigning its print and online editions last year. But these actions have not really helped them come back to its thriving magazine company with a large circulation and lots of employees.
Thus the Washington Post is seeking to sell Newsweek magazine. They have resorted to investment bank Allen & Co. to assist them in finding a buyer.
The Huffington Post article also states that Newsweek lost $29.3 million in 2009 while only losing $16.1 million the year before. It also said Newsweek sold only 26 percent ad space in 2009, which tremendously contributed to its drastic downfall.
The news of Newsweek being up for sale is sad because it goes to show how a magazine company can be so successful one day and spiraling down to extinction the next day.
The real question is where is journalism going? And do we really want to see these reputable magazines disappear?
It is important for citizens to get their news from reputable and credible publications and websites, not unedited, unpolished and badly reported news blogs.
The Washington Post company should not give in so quickly and resort to selling Newsweek.
Company execs should wait a while and work with the magazine to find a solution to make Newsweek what it once was. It has been delivering in-depth articles on news, politics and life since 1933, and we are not ready to see them go just yet.
As the economy gets better, there may be a solution to increasing the sale of ad pages and circulation in order to continue to produce strong journalism throughout the world.
As long as journalists continue to write and citizens continue to read, there will always be a need for high quality news, news that we hope will be covered by Newsweek.