Four Suitors including one Republican Interested in Newsweek


Four potential buyers have made an offer for the struggling Newsweek, which was put up for sale a month ago after its owner, the Washington Post Company, failed to stem millions of dollars in losses.

Reuters reported that both Newsmax Media and Thane Ritchie, the CEO of Ritchie Capital Management, have submitted bids, while The New York Times reported that OpenGate Capital and Sidney Harman, the founder of Harman International Industries, have expressed their interest.

The Post in early May retained Allen & Company to help find potential buyers for the publication, which has seen mounting red ink over the past three years.

In common with many other mainstream magazines, Newsweek has struggled with an advertising downturn and a migration of readers to digital formats. The Washington Post group, which has owned Newsweek since 1961, suffered losses at its magazines division of $29.3m last year and $16.1m in 2008.

The magazine cut the readership it guarantees advertisers last year to save money and it is widely viewed as having struggled with competition from rivals such as Time and the Economist.

What I don’t understand, Newsweek has always had a liberal viewpoint, making it a potentially awkward fit for Newsmax which is known as one of former Republican vice-presidential candidate Sarah Palin’s favorite outlets. They are very conservative and Republican. So, where is the synergy here?

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About Elias Shams
I have been a serial entrepreneur in telecom and social media space for past 12 years or so. I hold a M.S. degree in Telecommunication Engineering from the George Washington University and a B.S. degree in Electrical Engineering from the University of Maryland. I’ve lived and worked in many countries and cities including London England, Tehran Iran, Bonn Germany, Paris France, Alicante Spain, Delhi India, and my favorite of all Washington, DC of great US of A. Two of the greatest Washington, DC based companies I worked for and very proud of are Yurie Systems which was sold to Lucent in 1998 for $1.23 B and telezoo.com that I founded in 1999. I am currently the founder and awesomizer @ awesomize.me

2 Responses to Four Suitors including one Republican Interested in Newsweek

    • Elias Shams says:

      We try not to cover politics, but this possible Acquisition is just odd given the media buyer is conservative and the seller is liberal. So, it needed to be pointed out

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