Commentary Magazine


Who Would Bid on a Flop?

Howard Kurtz looks at the bidders for Newsweek:

One is Newsmax, a conservative Web site and monthly favored by Sarah Palin and founded by Christopher Ruddy, who once investigated conspiracy theories that Clinton administration officials Vince Foster and Ron Brown were murdered. Another is Thane Ritchie, an Illinois hedge-fund manager and Ross Perot fan who is angling to start a new political party. The third is OpenGate Capital, a private equity firm that two years ago bought TV Guide for $1. It’s hard to imagine any of them supporting Newsweek as a vibrant weekly that could compete with Time.

Ummm, it’s really not vibrant, and it apparently isn’t competitive with Time now, so what could these or any new owner do? But Newsweek says it has lots of other bidders. Tons, I am sure. Nevertheless, it seems there is anger among the staffers, who are aggrieved that “Editor Jon Meacham erred badly by transforming the newsweekly into an upscale, left-leaning opinion magazine.” But Meacham kept telling us it was news! Oh my, quite startling to learn this was all a flim-flam, and a grossly unsuccessful one at that.

Kurtz then opines:

On one level, the situation is a paradox. Here you have a magazine loaded with talent — from the Pulitzer-winning Meacham (who is pursuing his own bid to buy the magazine) to such media stars as Jonathan Alter, Howard Fineman, Mike Isikoff, Evan Thomas, Fareed Zakaria and Robert Samuelson — and few seem willing to bet on its financial future. That amounts to a no-confidence vote not just on the category of newsweeklies, which have long been squeezed between daily papers and in-depth monthlies, but on print journalism itself. The lucrative properties these days are digital, and Newsweek’s Web site has long been a flop, both creatively and commercially.

Oh, puleez. With the exception of Samuelson, these are predictable liberals parroting the anti-Israel, pro-Obama, anti-conservative line. It isn’t a vote of no confidence in the concept of a weekly — it’s a vote of no confidence in this product and those people. Whoever buys it, if anyone does, would do well to scrap the dreary liberal perspective, fire most of the current crew, and figure out something a lot of people actually want to read. I can tell you it’s not “a sort of a God” Thomas or Zakaria’s noxious views on Israel.