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Duly Quoted Newsweek Goes Niche

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by Jeff Bercovici
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Feb 09 2009 9:09am EDT

Duly Quoted: 'Newsweek' Goes Niche

"Mass for us is a business that doesn't work. Wish it did, but it doesn't. We did it for a long time, successfully, but we can't anymore."

-Newsweek CEO Tom Ascheim. The magazine is planning to reduce its guaranteed circulation to 1.5 million by next January -- not exactly tiny, but less than half the size it was at the end of 2007. Meanwhile, editor Jon Meacham says Newsweek will no longer try to compete on every story but merely cherry-pick the ones where it has something worthwhile to contribute: "The drill of chasing the week's news to add a couple of hard-fought new details is not sustainable.". □

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