Newsweek Shuttering London Office

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The word for Newsweek these days is “shrinking.”

  • Shrinking ad pages: Through its February 16 issue, Newsweek ad pages are down 38% to 108.9 year-over-year.
  • Shrinking bottom line: Newsweek lost $20 million last year.
  • Shrinking circulation: As a part of a larger plan to become a more opinionated magazine in the Economist mould, Newsweek plans to shrink its circulation from 2.9 million to 1.2 million by 2010.
  • Shrinking morale: Newsweek staffers only heard about this plan after top execs outlined it in a New York Times article. The New York Post says they’re pissed about that.
  • Shrinking foreign coverage: Newsweek will close the London office its kept open since World War II.

Photo: eliazar

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