Newsweek, owned by the Washington Post (NYSE: WPO) group, is taking the hard but necessary steps of trying to reinvent itself and keep its relevance: it is planning some layoffs, and will be moving towards a slimmer publication with fewer subscribers and more photos and opinion inside its pages, reports WSJ, citing sources. The story says that it is trying to model itself after The Economist, which has thrived in these difficult times based on its opinion and analysis. Commentary, that’s where it is at, the thinking goes.
The weekly mag did a major round of layoffs/buyouts in summer, and eliminated about 111 positions then. The new number may not be as high. Also, in a bold move, it could subtract about one million copies from its current rate base guarantee of 2.6 million, first reported by Folio earlier today. From the Folio story: