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Newsweek offers early retirement
to 85 staff

LONDON - Newsweek is offering early retirement packages to around 12% of its 740 staff, as part of an effort to cut costs during what the magazine called a "prolonged advertising downturn".

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The packages have been offered to 85 staff who are 55 or older and have worked for the magazine for at least 10 years. Management say they do not know how many staff will accept the voluntary package.

Newsweek, owned by the Washington Post Company, last offered similar packages in the mid 1980s. The magazine has a domestic circulation of 3.1m.

Last month, Washington Post CEO Donald Graham said that news weeklies are "alive, well and vitally important to our readers". However, he described the advertising situation as "dreadful".

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