According to Radaronline, 146 employees were offered buyouts with as much as two years of their current salary, depending on their age and how long they worked at the mag. More staffers than expected accepted the offer. They will be gone by the end of the year. It’s the second large buyout round at Newsweek in six years.
The need for cuts is blamed on continuing revenue and circulation drops of major print publications around the world—due mostly to the impact of the Internet.