Former CBS Interactive executive Eric Danetz will step in as senior vice president of sales.
Advertising is creeping up — posting a 10% increase for the month of October and an 11% jump in November from the previous year — but that was not enough to save the former Rolling Stone publisher’s job.
Year-to-date advertising pages are still down 21%.
As a result Newsweek, which recently announced it will discontinue its deep-dive political series, is losing lots of money. (Reports put the figure at $20 million last year with The Daily Beast losing an additional $10 million.) Executives for IAC and the Sidney Harman estate are trying to stem the red ink.
UPDATE: Jeremy Peters at The New York Times reports that managing editor Tom Weber resigned.
UPDATE2: Peters also reports that executive editor Edward Felsenthal is out.
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