Newsweek, May 24, 2009
|First issue||February 17, 1933|
|Company||The Newsweek Daily Beast Company|
|Based in||New York, New York|
Since 2008, Newsweek has undergone internal and external contractions designed to shift the magazine's focus and audience while improving its finances. Instead, losses at the newsweekly accelerated: revenue dropped 38 percent from 2007 to 2009. The revenue declines prompted an August 2010 sale by owner The Washington Post Company to 92-year-old audio pioneer Sidney Harman—for a purchase price of $1.00 and an assumption of the magazine's liabilities. Editor Jon Meacham left the magazine after the sale.
In November 2010 Newsweek merged with the news and opinion website The Daily Beast, forming the Newsweek Daily Beast Company, after negotiations between the owners of both publications. Tina Brown, The Daily Beast's editor-in-chief has since served as the editor of both publications. Newsweek is jointly owned by the estate of the late Harman and the diversified American Internet company IAC.
On October 18, 2012, Brown announced that Newsweek would cease print publication with the December 31, 2012 issue and transition to an all-digital format, to be called Newsweek Global.