Monday, July 13, 2015

Newsweek to shutter Europe edition just 18 months after it began.

Alex Spence of Politico reports:
"Newsweek has pulled the plug on an ambitious attempt to build a European weekly magazine based on in-depth, original narrative journalism.
IBT Media, Newsweek’s owners, are abandoning a dedicated European edition in a cost-cutting move less than a year-and-a-half after it began publishing, according to three people familiar with the matter.
"Newsweek’s European edition, based in London, was one of the biggest magazine launches outside the U.S. in recent years.
"With sumptuous paper stock, slick design and articles that ran as long as 10,000 words, it was a bold bet that there was a market in print for long-form reporting on current affairs — and that there was still life in a once-venerable media brand.
"Yet while payments to well-known writers sucked up cash, the magazine failed to bring in nearly enough advertising to make it commercially viable, insiders said.
Newsweek will still be distributed in Europe but the product available on newsstands here will be mainly produced in America, with fewer original articles about the region, the sources said."

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