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Edelman CEO Richard Edelman fills us in on the latest changes at Newsweek. The publication is “re-launching on May 18, moving up-market, aiming to compete with The Economist and the New Yorker for a higher end reader,” he recently wrote on his 6 A.M. blog.

It seems “competing with the The Economist,” is a common statement by magazine executives these days and not everyone is buying it. Writes Vanity Fair‘s Matt Pressman, “The Economist is like that exotic coffee that comes from beans that have been eaten and shat out undigested by an Indonesian civet cat, and Time and Newsweek are like Starbucks – millions of people enjoy them, but it’s not a point of pride.”

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