Washington Post Co. looking to sell Newsweek

NEW YORK (AP) — The Washington Post Co. is putting Newsweek up for sale in hopes that another owner can figure out how to stem losses at the 77-year-old weekly magazine.

While magazines in general have struggled with steep declines in advertising revenue because of the recession, news magazines such as Newsweek face the added pressures from up-to-the-second online news.

Once handy digests of the week's events, they have been assailed by competitors on the Web that pump out a constant stream of news and commentary.

Despite staff cuts, Newsweek has remained a drag on its parent company, which is also struggling with ad declines at its namesake newspaper.

The Post Co. said today that it has retained the investment bank Allen & Co. to help find a buyer for the magazine.