Posted 8:46 PM by Gene

Here’s the rundown of Newsweek’s assets and liabilities to date:

—In 2009, Newsweek lost $26.5 million [Is THAT ALL?]
—Net accounts receivable of $21.9 million and other current assets of $5.8 million
—Goodwill of $24.5 million [TRANSLATION: ZERO] and other non-current assets of $2.7 million
—Current salaries and “accrued expenses” of $14.1 million
—Current and non-current deferred revenue of $50.8 million [Divided by 20 equals....]
—In terms of costs, in Q2, Newsweek had $3.9 million in write downs related to property and equipment. Additional writedowns in this area are expected in WaPo’s Q3 results, naturally. [Naturally!]

Some of the stipulations in the sale agreement call for WaPo to provide Harman with “target working capital and selected equipment used in the business.” In return, he agrees to fulfill Newsweek’s subscription obligations.

Against our better judgment we would not be surprised if SID!!!!! pulls it off. On the other hand we wouldn't be surprised if SID!!!!! doesn't pull it off.

...And as WaPo becomes more reliant [?] on its Kaplan education business....

It will STILL call Itself The Washington Post Company.

Which alas, maybe It should.