“But Mr. Harman has put forward the bid that appeals to Mr. Graham’s desire for a deal that is as undisruptive as possible to the magazine’s staff and keeps its editorial direction largely unaltered. One person briefed on the bid said Mr. Harman would retain 250 employees and pay the Post Company $1 in exchange for taking on Newsweek’s considerable financial liabilities. Losses at the magazine could approach $70 million this year, this person said.”

From the NYT’s latest piece on the Newsweek sale. One thing they forgot to mention: The Post has said it will cover severance costs, which could be as high as $10 million if they canned everyone. So if part of the deal is that the new owner won’t fire a lot of people, it saves the Post a good amount of money.

Notes

  1. effdm said: Yes, funny that….
  2. markcoatney posted this