The relaunched Newsweek magazine is scrapping its dedicated London-based print team some 15 months after launch.
According to one well-placed source the European edition has been loss-making. However, a spokesperson for Newsweek said that the US-based title is profitable overall.
The title was edited by Richard Addis and had a focus on long-form journalism. Big stories included: an interview with Tony Blair, an expose of Vladimir Putin’s private life and an investigation into the crime boss behind much human trafficking in Europe.
Newsweek Europe’s print circulation of 70,000 was not externally audited, making it difficult to sell advertising space to agencies. Press Gazette understands it also had little marketing or promotional budget and problems with the subscription system and patchy distribution.
Eight journalists are to lose their jobs: two commissioning editors, two designers, two sub-editors and two picture editors.
Newsweek Europe will continue, but in future editorial content will more closely follow the US edition.
Around eight journalists will continue to be based in London working on the website.
Newsweek scrapped its print edition in December 2012 after 80 years. But it was relaunched by IBT Media in March 2014.
Addis told Press Gazette: “We had an amazing year setting up Newsweek in Europe and it’s going to be in good hands with the American editor-in-chief Jim Impoco.”
Newsweek’s long-read articles have been collected together into a series of e-books on the webste www.Newsweekinsights.com