The Washington Post Co has purchased Foreign Policy magazine from a Washington think-tank for an undisclosed sum. The bimonthly glossy has a circulation of 100,000 and is published by the Carnegie Endowment for International Peace.
"Foreign Policy is a terrific magazine, and I'm pleased it will become a part of our company," said Donald E Graham, Post Co chairman. "Foreign Policy furthers our commitment to great magazine journalism and gives us another opportunity to expand our journalism online."
The magazine's new executive editor will be Susan Glasser, who stepped down from her job as the Washington Post's assistant managing editor for national news in April and has spent the past several months working as an advisor to Graham on next-generation news and how it's going to look online. Moisés Naim will remain Foreign Policy's editor-in-chief.
According to a senior Carnegie Endowment official familiar with Foreign Policy's finances, the magazine posts $1.3 million per year in losses, a report in the Washington Post said.
Foreign Policy will be placed under The Post Co's Slate Group of publications, headed by Jacob Weisberg, which includes Slate magazine and TheRoot.com.
These moves, Forbes.com reported, come against a backdrop that finds the Post's national political coverage increasingly challenged by new rivals. One of the most successful of these is Politico, a Washington-based company that consists of a news site and free newspaper for Capital Hill that was founded by former Post staffers.
