The staff of Newsweek will shrink dramatically, after 111 staffers on its news and business sides accepted a buyout last week. Among those leaving are some of the magazine's best-known, most-admired and longest-service critics, including David Gates, David Ansen and Cathleen McGuigan.
Harold Shain, a former president of the magazine who moved over to sister publication Budget Travel at the beginning of this year, is also departing.
146 staffers were offered the chance to leave the magazine, with as much as two years of their current salary as a departing bonus, depending on their age and length of service. The package also includes pension sweetners and the chance to continue health insurance coverage until the age of 65. More staffers than expected accepted the offer, so at least some their jobs are likely to be filled by new hires. But dozens of positions will be eliminated permanently.
The departure of so many senior staffers at once—all of them are expected to be gone by the end of this year—will mean the loss of much of the magazine's institutional memory, as well as many of its most talented writers and editors. All of the chief researchers are also leaving, including Nancy Stadtman, Ray Sawhill and Ray Anello, and their positions may be eliminated.
Other longtime senior editors who accepted the buyout include Nancy Cooper, George Hackett and Alexis Gelber. Senior Editor Jerry Adler is reportedly still considering the offer.
Top political writers Jonathan Alter and Howard Fineman were also offered the buyout but declined it, and will continue in their current positions. Fineman told Radar, "my sense was that they wanted me to stay, and I am delighted to be doing so... I'm a lucky—and happy—guy." Alter said, "Because I've turned 50 I was just barely eligible under the terms, but I'm not taking it."
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