Zuckerman to bid for Newsweek

Magazine editor and owner of the Daily News is considering a bid for loss-making Newsweek.

The American magazine editor and publisher Mort Zuckerman is reportedly considering a bid for the loss-making Newsweek.

The owner of the Daily News and US News & World Report is likely to give his expressions of interest to Allen & Co, which is supervising the auction of the magazine by 4 June.

Zuckerman has recently converted the weekly US News & World Report to a monthly title and imposed major staff cuts. Sources believe the move could be to save on resources and expenses by combining the publication with Newsweek.

The political website Politico, US billionaire Ron Burkle, financial services company Thomson Reuters and Israeli-American television and media proprietor Haim Saban have also bid for the news magazine earlier this month.