Newsweek is a weekly newsmagazine, started in 1933. It is perhaps most famous for its now-debunked article about an incident at Guantanamo Bay in which a Koran was allegedly flushed down the toilet. The story was eventually proved false, and Newsweek was harshly criticized for it.
The criticism stemmed from the fact that Newsweek enjoys a nationwide audience and some degree of respect as a member of the Mainstream Media, and as such is expected to maintain a certain level of factual accuracy.
The Washington Post Company announced on May 5, 2010 that it is putting Newsweek up for sale because the company can foresee no path to profitability for the money-losing magazine. The Post's magazine group, of which Newsweek is the biggest piece, lost $29.3 million in 2009 after losing $16.1 million the previous year.