Newsweek Loses Three Executive Editor, Managing Editor, and Publisher

Tina Brown

The Newsweek Daily Beast Co. is  jettisoning its publisher, Ray Chelstowski as the publication continues to hemorrhage cash, The Wall Street Journal reports.

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.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.