It must be getting really hard to be Newsweek. First, they had to turn down an offer from right-wing conspiracy site Newsmax and now the only active bidder for the venerable news magazine is the parent company of The National Enquirer.
Russell Adams and Mike Spector of The Wall Street Journal report that the current management at Washington Post Company doesn't want to be the ones who sold this brand to a supermarket tabloid publisher, so they're saying no for now.
Post Co.'s concerns could elevate the chances for competing bidders Sidney Harman, founder of an audio-equipment company, and Fred Drasner, a former co-owner of the Washington Redskins and former co-publisher of the New York Daily News.
Avenue has been considered a front-runner in the bidding for Newsweek, which Post Co. put on the block in May after determining it couldn't return the ailing publication to profitability. But within the past two weeks, Post Co. expressed uneasiness about Avenue's proposal, which involves using American Media, Inc. to handle advertising and other back-office functions, the people familiar with the matter said.
I'm almost forced to agree with the Washington Post management here. For all I've said about it, Newsweek deserves a better fate than that. Better to let it die.
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