WASHINGTON, Dec. 13 (UPI) -- Job buyouts offered to Newsweek employees could shrink the U.S. publication's geographic footprint by up to 12 cities, The Wall Street Journal says.
The newspaper says that under the buyout program offered this week by Newsweek owner The Washington Post Co., many of the 65 magazine employees eligible for it staff one- or two-person bureaus in cities around the world, making it likely the publication will close the bureaus and save the real estate costs.
Newsweek overseas correspondent posts in Baghdad, Cape Town, Hong Kong, London, Tokyo, Jerusalem and Paris are eligible for the buyout, as well as staffers in Chicago, Detroit, Los Angeles, San Francisco and Miami, the Journal said.
Ann McDaniel, a Post Co. vice president, reportedly told Newsweek employees Thursday the buyout offer would be the magazine's last, adding, "If you want out, this is the package to take."
Newsweek cut 111 jobs through voluntary buyouts last spring, but those buyouts excluded correspondents. The magazine will lose money this year, the Journal said.
