I believe that reporters – at least the good ones – loathe when they, or their situation, become the story.  And that is exactly what happened to Jon Meacham, editor of Newsweek, on a recent visit to The Daily Show (http://www.thedailyshow.com/watch/wed-may-5-2010/jon-meacham).  Meacham had been scheduled to discuss “Need to Know”, a new PBS program he was about to debut, (http://www.pbs.org/wnet/need-to-know/).  However, that plan changed the morning of the interview when The Washington Post Co. announced that they were putting Newsweek up for sale after 33 years of ownership – and 77 years of publication.  With that as a backdrop, John (Stewart) and Jon (Meacham) were set for a fascinating conversation about the state of publishing and reporting in general.   

Two elements of the Post’s announcement stood out to me: The main reason given for the sale; “the company can foresee no path to profitability for the money losing magazine,” and the statement by Donald E. Graham that he accepted responsibility “for not seeing early enough and reacting in the right way to the changes that have come to our industry.”  Donald Graham is the son of Phillip & Katherine Graham and their company purchased Newsweek at the urging of Ben Bradlee – an amazing collection of publishing royalty.  If this group is up for sale, is there a future for traditional publishing companies?   

John & Jon engaged in a captivating conversation that touched on the role of reporters in the Internet age, the sad realities of the publishing business model in general and the future of Newsweek specifically.  The most interesting exchange came when Stewart compared the current state of publishing to that of the horse carriage industry at the introduction of the automobile and Meacham responded with a new approach for publishing that centers on a “solely digital focus” during the week and a print recap publication for weekend readers.  While I don’t believe that this model would recoup the full advertising revenue that magazines have relied on, I do believe that this idea has merit.  I would value a publication like Newsweek providing a recap and analysis of the key issues that sparked debate throughout the week.  I believe it would also allow them to reclaim a bit of the voice of authority they held before the explosion of the Internet.

Stewart maintained his usual witty banter throughout the chat and Meacham generally played along, yet I was left with a sense of unease as the conversation ended.  Meacham ended with a good rallying cry – and an offer to bring the for sale papers over for Stewart to sign – but his demeanor was hard to ignore and he appeared a bit defeated.  My career includes a good deal of media buying and planning and I am a voracious reader of both books and magazines.  I am also an early adopter – and I must say, fan – of the iPad, and, I am a huge advocate for the potential of the web for reasons well beyond my current paycheck.  I initially found myself conflicted by the state of media and the potential loss of a publication like Newsweek.  But then I went back and watched the Stewart interview again and I focused on a passage where Meacham discussed his so-called “virtual beltway”, a consumer group that values both digital and traditional media, a consumer segment that heavily uses the Internet yet still values hard covered books and print publications.  I personally relate to this consumer segment and I believe I’m not alone.  I still receive a daily newspaper and I don’t believe I’d enjoy my Sunday morning coffee as much if I were reading the news on my iPad.  But I’m eager to hear your perspectives – do you see a place for a publication like Newsweek in today’s Internet age?