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Do not fill this in! ====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