WaPo has purchased Slate. Guess this means the end to the NYT poaching from Slate. Or at least it means they'll have to try harder. And speaking of trying harder, let's check in with the press release for the principals' reactions:
Donald E. Graham, chairman and chief executive officer of The Washington Post Company: "We couldn’t be more enthusiastic about this acquisition."We understand this condition can be treated with prescription drugs.
Jacob Weisberg: “I couldn't be more excited about this move."
Full press release after the jump.
Contact: Rima Calderon _For Immediate Release_
(202) 334-6617 December 21, 2004
*THE WASHINGTON POST COMPANY*
*TO ACQUIRE SLATE MAGAZINE*
WASHINGTON – The Washington Post Company (NYSE: WPO) announced today that it has reached an agreement with Microsoft Corp. to acquire Slate
Donald E. Graham, chairman and chief executive officer of The Washington Post Company, said: “Slate has been a pioneer in internet publishing, and it is a fine magazine. Founder Michael Kinsley, editor Jacob Weisberg, and Microsoft deserve great credit for creating Slate. We couldn’t be more enthusiastic about this acquisition.”
Jacob Weisberg will remain editor of Slate. Weisberg said: “I couldn't be more excited about this move. Microsoft has been a wonderful home for us since 1996. It’s clear, though, that The Washington Post Company is the best place for Slate to continue to grow and develop.”
The business operations of Slate will be run by Washingtonpost.Newsweek Interactive (WPNI), a subsidiary of The Washington Post Company. Cliff Sloan, vice president, business development and general counsel of WPNI, has been named publisher of Slate. Its offices in New York and Washington, DC will continue to operate.
Slate reaches a highly educated and influential audience of readers who use the web as a primary source of news, information and commerce. According to Nielsen NetRatings, Slate had six million unique users in November 2004. Slate’s audience is similar to the audience of other WPNI publications (washingtonpost.com and Newsweek.com). Revenue for WPNI publications increased 37% to $44.7 million for the first nine months of 2004. WPNI’s online display advertising revenues grew 59% for the first nine months of 2004.
In a separate agreement between Microsoft and WPNI, Slate will continue to be available to users on MSN through links on the MSN portal.