Earlier this week, Folio:'s Dylan Stableford and Bill Mickey reported that Newsweek was considering dropping as many as 1.6 million readers. Thursday, the Wall Street Journal confirms that the magazine is hoping to lower its rate base, and that it will cut staff:
Newsweek magazine is planning staff cuts as part of a major makeover that is likely to result in a slimmer publication with fewer subscribers and more photos and opinion inside its pages, according to people close to the magazine.
The Washington Post Co. business is expected to outline the cuts Thursday in two companywide meetings. They will come from an extension of voluntary buyouts offered in the spring, when Newsweek shed 111 jobs.
It isn't clear how many jobs will be eliminated this time, though it won't be nearly as many, say people with knowledge of the plan.
As it continues its shift away from news gathering toward a more provocative, idea-driven editorial approach, Newsweek is also considering other dramatic changes, including significantly reducing its rate base -- the number of weekly copies it promises advertisers it will deliver.
Newsweek could subtract anywhere from 500,000 to one million copies from its current guarantee of 2.6 million, according to people familiar with the magazine's thinking. That Newsweek is exploring a rate-base cut was first reported by the trade publication Folio.
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