Just like every other set of media layoffs/cutbacks, these aren’t surprising, which doesn’t make them any less unpleasant: Newsweek will be making its second round of cuts in less than a year. It’s hard to see how the Washington Post Co., the magazine’s owner, could do anything else. Newsweek loses money, and ad revenue at the magazine has been in free-fall throughout the year.
Remember last week? When, in the aftermath of a historic presidential election, things were so giddy it seemed that even newspapers might be valuable again–at least as collector’s items? Well, that’s over.
The Washington Post Company’s Q3 report card is bad. But it’s better than the last one the troubled newspaper and education company earned. And yes, you have to be in the media business to look at a seven percent yearly decline in revenue, which is what Wapo’s newspaper group recorded, as a positive. But that decrease is indeed better than Q2, when newspaper revenues were down 13 percent.
Peter Kafka has been covering media and technology since 1997, when he joined the staff of Forbes magazine. Most recently, he has been the managing editor of the tech and media Web site, Silicon Alley Insider. Read more »
Here is a statement of my ethics and coverage policies. It is more than most of you want to know, but, in the age of suspicion of the media, I am laying it all out.
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