Newsweek Warning: You are not logged in. Your IP address will be publicly visible if you make any edits. If you log in or create an account, your edits will be attributed to your username, along with other benefits.Anti-spam check. Do not fill this in! ===Under ''Post'' ownership (1961–2010)=== The magazine was purchased by [[The Washington Post Company]] in 1961.<ref>{{cite news|first=Harrison E.|last=Salisbury|title=Washington Post Buys Newsweek. It Acquires 59% of Stock From Astor Foundation for $8,000,000.|url=https://select.nytimes.com/gst/abstract.html?res=FB0A1FF93F5D1B728DDDA90994DB405B818AF1D3|work=[[The New York Times]]|date=March 10, 1961|access-date=April 14, 2008|archive-url=https://web.archive.org/web/20120215051112/http://select.nytimes.com/gst/abstract.html?res=FB0A1FF93F5D1B728DDDA90994DB405B818AF1D3|archive-date=February 15, 2012|url-status=live}}</ref> [[Osborn Elliott]] was named editor of ''Newsweek'' in 1961 and became the editor-in-chief in 1969.[[File:March 1, 1976 Newsweek story on Bill and Emily Harris.jpg|thumb|left|A March 1, 1976 story about [[Symbionese Liberation Army|SLA]] members Bill and [[Emily Harris]]]] In 1970, [[Eleanor Holmes Norton]] represented sixty female employees of ''Newsweek'' who had filed a claim with the Equal Employment Opportunity Commission that ''Newsweek'' had a policy of allowing only men to be reporters.<ref name="Newsweek">{{cite news |title=Newsweek Agrees to End Sex Discrimination Policy |agency=Associated Press |date=August 28, 1970 |url=https://news.google.com/newspapers?id=8JpQAAAAIBAJ&pg=5051,6088623&dq=eleanor-holmes-norton&hl=en |access-date=March 31, 2016 |archive-url=https://web.archive.org/web/20160506115133/https://news.google.com/newspapers?id=8JpQAAAAIBAJ&sjid=NuEDAAAAIBAJ&pg=5051,6088623&dq=eleanor-holmes-norton&hl=en |archive-date=May 6, 2016 |url-status=live }}</ref> The women won and ''Newsweek'' agreed to allow women to be reporters.<ref name="Newsweek"/> The day the claim was filed, ''Newsweek''{{'s}} cover article was "Women in Revolt", covering the feminist movement; the article was written by a woman who had been hired on a freelance basis since there were no female reporters at the magazine.<ref>{{cite book|title=The Good Girls Revolt: How the Women of ''Newsweek'' Sued their Bosses and Changed the Workplace|url=https://archive.org/details/goodgirlsrevolth0000povi|url-access=registration|year=2013|author=Lynn Povich|isbn=978-1610393263|publisher=PublicAffairs}}</ref> [[Edward Kosner]] became editor from 1975 to 1979 after directing the magazine's extensive coverage of the [[Watergate scandal]] that led to the resignation of President [[Richard Nixon]] in 1974. [[Richard Mills Smith|Richard M. Smith]] became chairman in 1998, the year that the magazine inaugurated its "Best High Schools in America" list,<ref>{{Cite web |url=http://www.newsweek.com/2013/05/06/america-s-best-high-schools.html |title=2013 America's Best High Schools |website=Newsweek |access-date=September 16, 2014 |archive-url=https://web.archive.org/web/20140817020128/http://www.newsweek.com/2013/05/06/america-s-best-high-schools.html |archive-date=August 17, 2014 |url-status=live }}</ref> a ranking of public [[Secondary education|secondary schools]] based on the [[Challenge Index]], which measures the ratio of [[Advanced Placement Program|Advanced Placement]] or [[IB Diploma Programme|International Baccalaureate]] exams taken by students to the number of graduating students that year, regardless of the scores earned by students or the difficulty in graduating. Schools with average [[SAT]] scores above 1300 or average [[ACT (examination)|ACT]] scores above 27 are excluded from the list; these are categorized instead as "Public Elite" High Schools. In 2008, there were 17 Public Elites.<ref>{{Cite web |url=http://www.newsweek.com/id/137421/ |title=List of Public Elites. ''Newsweek'' (2008) |website=Newsweek |access-date=May 17, 2008 |archive-url=https://web.archive.org/web/20080520212924/http://www.newsweek.com/id/137421 |archive-date=May 20, 2008 |url-status=live }}</ref> Smith resigned as board chairman in December 2007.<ref>{{cite web|url=http://www.newsweek.com/authors/richard-m-smith.html |title=Richard M. Smith |work=Newsweek |access-date=December 25, 2012 |url-status=dead |archive-url=https://web.archive.org/web/20110119065511/http://www.newsweek.com/authors/richard-m-smith.html |archive-date= Jan 19, 2011 }}</ref> {{Anchor|Restructuring and new owner}} ====Restructuring and new owner (2008–2010)==== [[File:Newsweek 05 24 09.jpg|thumb|left|The first issue released after the magazine switched to an opinion and commentary format]] During 2008–2009, ''Newsweek'' undertook a dramatic business restructuring.<ref>{{cite news|first=Richard|last=Pérez-Peña|title=The Popular Newsweekly Becomes a Lonely Category|url=https://www.nytimes.com/2009/01/17/business/media/17weeklies.html |url-access=subscription |work=The New York Times|date=January 16, 2009|access-date=January 17, 2009|archive-url=https://web.archive.org/web/20090415233350/http://www.nytimes.com/2009/01/17/business/media/17weeklies.html|archive-date=April 15, 2009|url-status=live}}</ref><ref>{{cite news|author=Kathleen Deveny|title=Reinventing Newsweek: A New Strategy for Print, Online |url=http://www.newsweek.com/id/195620|work=Newsweek|date=May 18, 2009|access-date=May 29, 2009|archive-url=https://web.archive.org/web/20090509191800/http://www.newsweek.com/id/195620|archive-date=May 9, 2009|url-status=live}}</ref> Citing difficulties in competing with online news sources to provide unique news in a weekly publication, the magazine refocused its content on opinion and commentary beginning with its May 24, 2009, issue. It shrank its subscriber rate base, from 3.1{{nbsp}}million to 2.6{{nbsp}}million in early 2008, to 1.9{{nbsp}}million in July 2009 and then to 1.5{{nbsp}}million in January 2010{{mdash}}a decline of 50% in one year. [[Jon Meacham]], Editor-in-chief from 2006 to 2010,{{r|JonMeacham_dot_com}} described his strategy as "counterintuitive" as it involved discouraging renewals and nearly doubling subscription prices as it sought a more affluent subscriber base for its advertisers.{{r|Kurtz_WaPa_20090518}} During this period, the magazine also laid off staff. While advertising revenues were down almost 50% compared to the prior year, expenses were also diminished, whereby the publishers hoped ''Newsweek'' would return to profitability.<ref>Richard Pérez-Peña. [https://www.nytimes.com/2009/11/16/business/media/16newsweek.html "Glimmers of Progress at a Leaner Newsweek"]. ''The New York Times''. November 15, 2009. {{Webarchive|url=https://web.archive.org/web/20160722054425/http://www.nytimes.com/2009/11/16/business/media/16newsweek.html|date=July 22, 2016 }}.</ref> The financial results for 2009 as reported by The Washington Post Company showed that advertising revenue for ''Newsweek'' was down 37% in 2009 and the magazine division reported an operating loss for 2009 of {{US$|29.3}}{{nbsp}}million (equivalent to ${{Inflation|US|29.3|2009|r=2}} million in {{Inflation/year|US}}) compared to a loss of {{US$|16}}{{nbsp}}million in 2008 (equivalent to ${{Inflation|US|16|2008|r=2}} million in {{Inflation/year|US}}).{{r|WaPo_Company_PressRelease2010}} During the first quarter of 2010, the magazine lost nearly {{US$|11}}{{nbsp}}million (equivalent to ${{Inflation|US|11|2010|r=2}} million in {{Inflation/year|US}}).<ref>{{cite news|title=Newsweek magazine is sold by Washington Post|work=[[BBC News]]|url=https://www.bbc.co.uk/news/business-10847466|date=August 2, 2010|access-date=2022-07-07 | archive-url=https://web.archive.org/web/20100803191418/http://www.bbc.co.uk/news/business-10847466|archive-date=August 3, 2010|url-status=live }}</ref> By May 2010, ''Newsweek'' had been losing money for the past two years and was put up for sale.<ref>{{cite news | first1 = Andrew | last1 = Vanacore | url = https://www.huffingtonpost.com/2010/05/05/newsweek-sale-washington-_n_564261.html | date = 2010-05-05 | title = Newsweek Sale: Washington Post Looking To Sell Newsweek | archive-url=https://web.archive.org/web/20100507103939/http://www.huffingtonpost.com/2010/05/05/newsweek-sale-washington-_n_564261.html | archive-date = 2010-05-07 | url-status = dead | access-date = 2022-07-07 | work = [[HuffPost]] }}</ref> The sale attracted international bidders. One bidder was Syrian entrepreneur [[Abdulsalam Haykal]], CEO of Syrian publishing company Haykal Media, who brought together a coalition of Middle Eastern investors with his company. Haykal later claimed his bid was ignored by ''Newsweek''{{'s}} bankers, [[Allen & Co]].<ref>{{cite news | first1 = Joe | last1 = Pompeo | date = 2010-08-05 | url = https://www.businessinsider.com/syrian-bidder-who-wanted-to-buy-newsweek-was-ignored-2010-8 | title = Syrian Bidder Who Wanted To Buy ''Newsweek'' Was Ignored | work = [[Business Insider]] | archive-url = https://web.archive.org/web/20220116092537/https://www.businessinsider.com/syrian-bidder-who-wanted-to-buy-newsweek-was-ignored-2010-8 | archive-date = 2022-01-16 | access-date = 2022-07-07 | url-status = live | oclc = 1076392313 | quote = Folio's Jason Fell was in touch with the CEO of the Syria-based publishing company Haykal Media during the Newsweek auction. [...] The CEO, Abdulsalam Haykal, told Fell early on the he was rounding up investors make a bid for the magazine. After the sale, Fell checked back in with him. Turns out he was ignored by The Washington Post Co.'s banker, Allen & Co. }}</ref> The magazine was sold to audio pioneer [[Sidney Harman]] on August 2, 2010 for {{US$|1}} in exchange for assuming the magazine's financial liabilities.<ref name="nytsale">{{cite news|first1=Tanzina|last1=Vega|author-link=Tanzina Vega|first2=Jeremy W.|last2=Peters|title=Audio Pioneer Buys Newsweek|url=https://www.nytimes.com/2010/08/03/business/media/03newsweek.html|work=The New York Times|date=August 2, 2010|access-date=August 2, 2010|archive-url=https://web.archive.org/web/20120210124606/http://www.nytimes.com/2010/08/03/business/media/03newsweek.html|archive-date=February 10, 2012|url-status=live}}</ref>{{r|Peters_NYT_20100802}} Harman's bid was accepted over three competitors.<ref>{{cite news|first=Frank|last=Ahrens|title=Harman Media buys ''Newsweek'' from Washington Post Co. for Undisclosed Amount|url=https://www.washingtonpost.com/wp-dyn/content/article/2010/08/02/AR2010080203970.html|newspaper=The Washington Post|date=August 3, 2010|access-date=August 2, 2010|archive-url=https://web.archive.org/web/20121111040053/http://www.washingtonpost.com/wp-dyn/content/article/2010/08/02/AR2010080203970.html|archive-date=November 11, 2012|url-status=live}}</ref> Meacham left the magazine upon completion of the sale. Sidney Harman, a major contributor to Zionist causes, was the husband of [[Jane Harman]], at that time a member of Congress from California. Summary: Please note that all contributions to Christianpedia may be edited, altered, or removed by other contributors. If you do not want your writing to be edited mercilessly, then do not submit it here. You are also promising us that you wrote this yourself, or copied it from a public domain or similar free resource (see Christianpedia:Copyrights for details). Do not submit copyrighted work without permission! Cancel Editing help (opens in new window) Discuss this page