• New York Post, Thursday, February 19, 2009 9:45 AM

Newsweek is going to radically downsize its circulation, first to 1.9 million by July, and then to 1.2 million next year, and it will be adding more opinion to its coverage.

The reason the weekly is shedding readers is that it lost an estimated $20 million last year and is on target to lose even more this year. The ad picture is equally bleak: Through the Feb. 16 issue, ad pages have plunged 38%, per the Media Industry Newsletter.

"In mid-May, we'll be launching a new magazine," says editor Jon Meacham. "We'll be more opinionated, but we aren't going to be partisan." CEO Thomas Ascheim hatched the downsizing plan and the attempt to drop the mass-circulation appeal. In addition, the physical Newsweek office in London will be closed, ending a tradition that goes back to World War II. It is being replaced with an offsite edit staff of three and various stringers.

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