Newsweek offers selected staffers early retirement
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Posted 8:10AM on Tuesday, January 22, 2002
WASHINGTON - Newsweek magazine is offering early retirement packages to about 12 percent of its staff in an effort to cut costs during an advertising downturn.<br>
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The packages have been offered to 85 employees who are 55 or older and have worked for the magazine at least 10 years, Newsweek spokesman Ken Weine said Monday. The magazine has a full-time staff of 740.<br>
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Executives don't know how many people will take the voluntary packages, Weine said. Newsweek last offered such packages in the mid-1980s.<br>
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Newsweek, which has a domestic circulation of 3.1 million, is owned by The Washington Post Co.<br>
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Washington Post Co. chief executive Donald Graham said last month that news weeklies are "alive, well and vitally important to our readers," but the advertising situation is "dreadful."<br>
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