An Associated Press dispatch on the Washington Post Company (WPO) putting Newsweek up for sale paraphrases the chairman of the Washington Post Co., Donald Graham, as saying, that he "hopes a buyer with more resources will be able to get the magazine back to profitability."
More resources? The Washington Post Company has a market capitalization of about $4.6 billion, cash on hand of $862 million, and pays a $9 a share annual dividend, according to Yahoo! Finance. The company's directors include, in Warren Buffett and Melinda French Gates, representatives of two of the two richest families in America. How much "more" resources would be required to get Newsweek to profitability, and don't you kind of think that if it were possible to do at a reasonable return on investment, Donald Graham would have already done it?