The popular magazine Newsweek is for sale. Its current owner, The Washington Post, says it's losing money and "might be a better fit elsewhere."
Evidently Newsweek is not worth much. Ad Age quotes an investment banker on the value of Newsweek as saying "I can't tell you that it's more than a buck, unfortunately."
I think Newsweek would be a great fit with Smallbizlabs. While Newsweek is a big business, it seems well on its way to becoming a small business. The Ad Age article says one of Newsweek's biggest problems is too many subscribers. I'm confident under our ownership the number of subscribers would quickly fall.
Yes, there will be some integration issues. They're on the east coast, we're out west. They're an award winning magazine with a rich history and an international reputation for outstanding reporting. We're - well, we're out west.
But we make money. And we're willing to offer a substantial premium over their expected selling price of $1.
So, Washington Post, we're opening the bidding at $50. I suggest you move quickly on this. We're also looking at the SF Chronicle and only have bandwidth for one deal at a time.
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