The End of the Newsweekly
Looks like Newsweek is officially up for sale.
Salon has a deeper look.

So what's the problem with Newsweek? I've heard a lot of different theories on the demise of the newsweekly format (turn-around time is too slow, the news cycle is moving too fast, weekly magazines are too much for readers, etc) but most of them, atmo, don't hold water. Newsweek wisely revamped its format over a decade ago, focusing less on spot news (which is stale by the time the magazine hits the printer) and more on in-depth analysis and investigative reporting. Frankly, these efforts are the only reason Newsweek even survived the 1990s. (The Economist, which has never been stronger, is doing the same thing in terms of format.)
So, what gives?
Andrew Leonard, in the Salon article above, pretty much hits it on the head when he calls out Newsweek's dull, dated web site.
I am a voracious consumer of journalism in all formats and I hardly ever find myself at Newsweek.com, whether via a Google search or a link provided by some other party or my own volition. While some magazines -- the Atlantic jumps to mind -- have managed to create lively Web sites while at the same time continuing to produce engaging long-form journalism, Newsweek seems neither to have figured out how to make itself a destination point on the Web or justify its existence in print.
Is it possible that Newsweek's journalists just aren't creating compelling content?