According to Keith Kelly at the NY Post, Mort Zuckerman may be making a bid for Newsweek. If correct, he will be competing with Politico, Thomson Reuters, Steve Rattner, and Haim Saban all who have also been reported as preparing bids to buy Newsweek from the Washington Post Company. Bids are due to Allen & Company, which will oversee the auction, by June 4.
Zuckerman has been the publisher/owner of the New York Daily News since 1993 and has been Editor-in-Chief of U.S. News & World Report since 2007. He converted US News to a monthly from a weekly, and made large scale staff cuts. Keith Kelly reports that sources said Zuckerman believes he could extract major savings from Newsweek if he combined it with the mag (US News) he already owns.
After a loss of $28 million last year, News week has lost $2.3 million in the first quarter, with revenue falling 36 percent to $29.4 million.
Ref: F231109-446
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