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Posts Tagged ‘Jon Meacham’

El Newsweek: Carlos Slim Said To Have Visited Struggling Mag’s Offices

newsweek-cover.jpgMexican telecom billionaire Carlos Slim visited Newsweek‘s offices Wednesday, reports Keith Kelly.

“Slim’s apparent interest in Newsweek would represent a reversal of fortune for a magazine that some watchers predicted would be difficult to sell,” Kelly wrote.

Interestingly, Newsweek editor Jon Meacham said earlier this week that he received phone calls from two billionaires interested in buying the magazine; sources told Kelly that Slim was not one of those two.

Whatever happens, it’s not a fun time to be a news weekly.

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Newsweek Cuts 12, or Seven Percent

newsweek-cover.jpgNewsweek editor Jon Meacham informed staff yesterday that the magazine was cutting about a dozen staffers.

“As much as we would like it to be otherwise, market conditions mean that we are going to have to do our work with fewer people….I have no spin to offer,” read the internal memo, obtained by Politico.

PaidContent adds that the cuts were mainly in “areas that support editorial,” as well as two cuts on the digital side.

Revenue at the magazine was down 33 percent in owner Washington Post Company’s Q3 earnings report: the mag brought in $40.2 million in revenue but lost $4.3 million in the quarter.

Newsweek has spent more than $35 million in the past two years buying out 161 employees.