Most Recent Articles In Memo Pad
Latest Memo Pad Articles
THE SQUEEZE IS ON: It looks like the longer The Washington Post Co. takes to consider the bids for Newsweek, the better the magazine’s staffers will get to know each other. In a memo to employees last week, Newsweek senior vice president of operations and chief information officer Joseph Galarneau revealed the magazine is delaying a planned move from its 395 Hudson Street offices in New York’s West Village to a space in Midtown at 888 Seventh Avenue. The new timetable should keep the newsweekly from having to pack up shop twice should its new owners have their own real estate agenda, but comes with a catch: the magazine will have to merge from two floors to one. According to the memo, Kaplan Inc., the Post-owned test prep company (and revenue darling) has to move into 395 Hudson by the end of the year, and the office consolidation will make way for construction crews and some early Kaplan arrivals. There’s been little word on the Newsweek sale since the last round of offers came in earlier this month, which could mean that early bidders such as stereo magnate Sidney Harman, former Daily News partner Fred Drasner and private equity firms Avenue Capital and OpenGate Capital are all still in the hunt. A Newsweek spokeswoman declined to comment on any possible schedule for the sale. Whoever buys, staffers are likely hoping it happens before Nov. 19, the last day they’ll be able to stay in their downtown quarters according to the new plan. — M.L.