Peeking through Washington Post (NYSE: WPO) Company’s 2009 10K is instructive, if you want to know the current state of Newsweek. Or even the future. At minimum, it is going one way: down. Here are some numbers, in excruciating detail:
— Newsweek has approximately 427 full-time employees as of Dec 31, 2009. If Bloomberg buys it, that might go down to 27.
— Newsweek mag ad revenue was down 37 percent in 2009 due to fewer ads at the domestic and international editions, following a 14 percent decline in 2008 due to fewer ad pages at the domestic edition.
— In 2008, Newsweek implemented a circulation rate base reduction at its domestic edition, from 3.1 million to 2.6 million, and in 2009, Newsweek implemented another rate base reduction, to 1.5 million in January 2010.
— Also in 2009, Newsweek completed a Voluntary Retirement Incentive Program, with 44 employees accepting early retirement. Expense of $6.6 million was recorded in the first quarter of 2009, which is being funded primarily from the assets of company