business news in context, analysis with attitude

...with brief, occasional, italicized and sometimes gratuitous commentary...

Newsweek, which was sold by the Washington Post for $1 in 2010 and merged with IAC's The Daily Beast, only to have its print edition eliminated late last year, reportedly is on the sales block again.

According to Variety, owner "IAC is sending out inquiries to prospective buyers who may be interested in purchasing the 80-year-old title ... As with the first sale of Newsweek, the price is expected to be negligible; what will matter more is the assumption of liabilities, although Newsweek is a much pared-down operation."

IAC CEO Barry Diller had recently said it was a mistake to buy Newsweek ... never a good sign. As a writer with a background in print, it always hurts a little bit to see a venerable title like Newsweek in so much trouble, but the simple fact is that it has turned into an utterly irrelevant product. The question is not so much who or what will but it. Rather, it is what will they do with damned thing?

• Kellogg Co. has agreed to write a $4 million check to settle a class action lawsuit that accused the company of making false marketing claims for its Frosted Mini-Wheats cereal - saying that it was good for children's cognitive functions. The company said that the campaign ran four years ago, and has been replaced by a message that adheres to Federal Trade Commission (FTC) guidelines.
KC's View: