Newsweek is for sale. Why?

Bloomberg:

Newsweek, the magazine that Washington Post Co. said this week is for sale, reported a 31 percent decline in first-quarter revenue.

The weekly news magazine’s sales fell to $29.4 million from $42.7 million a year earlier, according to a statement today. Washington Post Chief Executive Officer Donald Graham said May 5 that Newsweek would continue to be unprofitable this year after losses from 2007 through 2009.

Washington Post hired investment bank Allen & Co. to help with a possible sale of the publication, which it’s owned since 1961. Newsweek’s advertising sales plunged 30 percent in 2009 and the magazine cut its guaranteed circulation by 42 percent to 1.5 million as part of a redesign last year.

————————————————-

Iowahawk is issuing a commemorative reprinting of the satirical piece he wrote back in May of 2009 when Newsweek’s new swing left was announced.

Are they gone?

God, I thought those idiots would never leave. Finally, we can be together — just you and me baby. Do you realize how long I’ve waited for this moment, how much I’ve lusted for your beautiful hipster demographics? How long I sat there on the rack at Barnes and Noble, watching in silence while your fingers slowly caressed the pages of The America Prospect and New Republic and Mother Jones, dreaming that one day you’d actually notice me and take me over to the coffee bar? Baby, I wouldn’t even have cared if you spilled hot macchiato on my table of contents, that’s how much I am into you.

God, it’s such a relief to finally give up that stupid facade of objectivity and tell you how I really feel. It’s like I was trapped in some sort of circulation prison with that clueless 55+ slightly upscale middle America demographic. Sure, they brought home the Lipitor and Viagra accounts, but did you know they actually voted for Bush? Seriously, I’m not kidding! For the last 8 years I’ve tried sending them and you signals that I wanted out. God, I think I must have run 100 covers on Barack and Jon Stewart trying to let you know I was available.

All that’s changed, and I can finally be me. With them out of the picture, you and I can have happiness together. I know I’m not as cool as your other progressive news magazines and websites right now, but I can change. I promise! Look, I know how you like your magazines thin and opinionated. I don’t know if you’ve noticed, but I’ve lost over 20 pages in the last year. And with my lower circulation, I know I can lose another 15 pages before Fall, just in advertising! Guess what? I’ve even picked out a sexy, flimsy little editorial policy that lets you see everything. (Including my boho bourgeois socialism, which I had Swedish-waxed… just for you :D).

Just wait baby, I’ll make you forget all your old magazines. I’ll be cooler and thinner and more sanctimonious and money-losing than all of them. Even Harpers. And no more awkward meetings at the dentist office! I’m done with these suburban strip mall dumps. From now on you’ll want to pull me out of your messenger bag at Intelligencia Coffee, and introduce me to all your cool friends who have crushing student loans and interesting haircuts and jobs at Kinkos. And after that, maybe we can get Thai, and…

Read the whole thing.