Thursday, June 3, 2010

Who Will Buy Newsweek?

When we reported last month that the iconic magazine brand, Newsweek, was up for sale, we lamented the fact that "The sale of the venerable brand is a harbinger of the generally besieged print media industry, as readers continue to jump ship to the web and mobile, and ad sales remain lethargic." But several industry players must believe the Newsweek brand is worth something. The New York Times reports that at least three bids have been made on the magazine by its auction deadline yesterday. The potential buyers include Newsmax Media, owner of a conservative magazine and website; OpenGate Capital, owner of TV Guide; and Thane Ritchie, a hedge fund manager who has tried to create a third political party in America.
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