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BtoB

Report: ‘Newsweek’ slashes rate base by 500,000 copies

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New York—Newsweek is cutting 500,000 copies from its rate base, reducing guaranteed paid circulation to advertisers to 2.6 million, according to report on AdAge.com.

The move follows a management shake-up earlier this week at the Washington Post Co.-owned newsweekly in which longtime Viacom cable executive Thomas E. Ascheim was named CEO, succeeding Rick Smith, who will remain, as chairman. Gregory Osberg was promoted to president from publisher.

At the beginning of the year Newsweek rival Time cut its rate base to 3.25 million from 4.00 million. Both changes reflect the growing challenges newsweeklies face in maintaining circulation amid declining ad revenue.

Newsweek’s ad revenue fell 3.8% through September compared with the same period last year, according to the Publishers Information Bureau. Ad pages dropped 8.5%. Time is also struggling, with ad revenue down 17.3% in the same period and ad pages down 5.8%.

AdAge.com is published by Crain Communications Inc., which also publishes BtoB.

—Matthew Schwartz

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