WaPo Buys Foreign Policy Magazine
This story was written by David Kaplan.
The Washington Post Company (NYSE: WPO) is buying Foreign Policy magazine, along with its Foreignpolicy.com" title="website">website. Donald Graham, WaPo's chairman and CEO, said that purchase will help expand the company's online presence and augment its flagship paper's daily coverage as well. The mag will be housed within the company's Slate group. The magazine, published by the Carnegie Endowment for International Peace, a Washington, DC think tank, started as a quarterly journal in 1970 and was transformed into a monthly glossy pub in 2000. The purchase comes as newspapers in general have been cutting back its international bureaus. While WaPo is a national paper, it can only cut so much, lest its coverage suffer. The transaction will close tomorrow, but other terms of the deal weren't disclosed. Release
By David Kaplan