‘Newsweek' put up for sale

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Washington, D.C.—The Washington Post Co. has put Newsweek up for sale. The company said investment bank Allen & Co. would seek to find a buyer for the magazine, which was founded in 1933.

The Post Co. has owned Newsweek since 1961. According to the Publishers Information Bureau, the magazine's advertising pages declined 20.4% in the first quarter of this year, following a drop of 25.9% for all of 2009.

In addition to Newsweek and The Washington Post, the Post Co. owns Kaplan educational services and cable TV operations.

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