16 Newsweek Employees Taking Buyout

Newsweek has started to settle in after its merger with The Daily Beast and redesign by Tina Brown, but another batch of employees is heading for the door anyway.

In February, the magazine offered buyouts to 30 editorial staffers. Sixteen have decided to take it. Newsweek offered the buyout to about a third of its 90 Newspaper Guild-covered staff in an effort to reduce its financial losses. Newsweek didn’t have a target number of people it sought to cut, but the buyout response was higher than expected, which could eliminate the need for further layoffs.

Even before the buyout was offered, the staff had been going through a period of upheaval, with people leaving voluntarily and Brown putting in several of her own hires.

Newsweek owner Sidney Harman joined forces with the Barry Diller-backed Beast earlier this year to try to make both profitable on the strength of their combined audiences. Newsweek alone lost $30 million in 2009 before The Washington Post Co. sold it to Harman.

Publish date: April 7, 2011 https://dev.adweek.com/digital/16-newsweek-employees-taking-buyout-126186/ © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT