04/07/2008 05:12 am ET Updated May 25, 2011

Newsweek Staff Shrinks Dramatically After More Than 100 Staffers Accept Buyout

The staff of Newsweek will shrink dramatically, after 111 staffers on the its news and business sides accepted a buyout last week. Among those leaving are some of the magazine's best-known, most-admired and longest-service critics, including David Gates, David Ansen and Cathleen McGuigan. Harold Shain, a former president of the magazine who moved over to isister publication Budget Travel at the beginning of this year, is also departing.

146 staffers were offered the chance to leave the magazine, with as much as two years of their current salary as a departing bonus, depending on their age and length of service. The package also includes pension sweetners and the chance to continue health insurance coverage until the age of 65. More staffers than expected accepted the offer, so at least some their jobs are likely to be filled by new hires. But dozens of positions will be eliminated permanently.

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