Daily Management Review

European Newsweek to be Closed


07/14/2015


The owner of Newsweek are going to cease publication of the printed version of the European Journal a half years after its restart. The main reason is that the magazine could not find enough advertising revenue to produce sustainable profits. Now, only American version of the magazine are available in Europe.



On Monday, it became known that American IBT Media, the owner of the magazine Newsweek, intends to close the production of the European Journal’s printed version. Some of the employees will be transferred to the European version of the United States, a part will be cut off. This was reported by Politico and The Wall Street Journal. As we already know, in late 2012, the printed version of Newsweek has stopped publishing. However, when the IBT Media became the new owner of the magazine in August 2013, a paper version was restarted in March 2014. The new owners felt that the reorientation to essays, reports, big interviews and investigations will be interesting to readers and advertisers.

Indeed, since the very restart, European Newsweek has repeatedly attracted public attention with loud resonant materials and interviews, but in commercial terms, the European version was not able to answer the expectations of the owners. The costs of printing, distribution and preparation of materials, including fees to the well-known reporters, is barely covered by revenues from circulation and advertising. The printed version was also unable to collect a sufficient number of subscribers.

Now, the European version of Newsweek will be published only in digital format, being edited from the US, where a part of European employees will be transferred.

 






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