Washington Post Co. Puts Newsweek Up for Sale

Anticipating another year of losses after a string of poor performance that started in 2007, the Washington Post Company just announced that it would sell weekly news magazine Newsweek.

According to the New York Times, the company, which has owned the magazine since 1961, has hired investment bank Allen & Co. to find a buyer for the ailing publication.

This news comes as yet another blow to the struggling print journalism industry. Post Co. Chariman Donald E. Graham said in a statement, "Newsweek is a lively, important magazine and website, and in the current climate, it might be a better fit elsewhere.‘’ Here’s hoping.

Got news tips for Paste? Email news@pastemagazine.com.