Will Daily Beast Save Newsweek
Sidney Harman, A late audio pioneer bought Newsweek from the Washington Post Company in 2010, hoping to revive the respectable brand through its merger with The Daily Beast. Tina Brown, former editor of The New Yorker, Tatler and Vanity Fair and the The Daily Beast’s present editor-in-chief will serve as the merger’s editor-in-chief. Brown said, the Beast and Newsweek as a marriage between the The Daily Beast’s vibrant versatility and the journalistic depth of Newsweek has been realized on the internet. The Daily Beast has an audience of 5 million every month while Newsweek‘s has a 1.6 million circulation standing
The Daily Beast’s metabolism will assist power up the revival of Newsweek and Newsweek intensifies the range of audience and talent that can be reached by The Daily Beast. These two parties together offer marketers, photographers and writers a strong dual platform. Tom Ascheim the CEO of Newsweek would be left out of the merger. In his place, Stephen Colvin, the president of The Daily Beast will fill in as the chief executive. Layoffs are also eminent as it was announced the employees that It would be insecure to assume that there will be none.
The merger also could not come at a better time. A week after the proclamation of the merger, U.S. News & World Report announced that it wants to focus on its digital strategy and therefore would cease printing publications monthly. U.S. News & World Report, like Newsweek, started as a weekly publication, but as a result of financial difficulties, it was forced to cut down its publishing frequency to once a fortnight and subsequently to monthly.
This merger will enable Newsweek better implement its digital strategy. Proper implementation of this digital strategy is vital because the growth of online audience has resulted to the decline of ad revenues and print circulation for news magazines and newspapers alike. They have been pushed to set up aggressive digital strategies to remain a float in this industry. Newspaper giants such as The Wall Street Journal and The New York Times have each established robust online businesses with a firm grip on the internet, and on tablet and mobile devices. News magazines, however, are having a hard time acclimatizing to these new conditions.
Thus far, we have witnessed traditional print corporations either fold under the pressure or thrive and adapt in the unpredictable conditions of media consumption. This merger is a first of its kind as it is between a web upstart and an established publication — both of which are making heavy losses and have dissimilar topics, brands and voices of coverage, no less. However, in working together and application of the right strategies, I believe the merger will prove beneficial to both parties.
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