The Washington Post Co has announced it is acquiring online magazine Slate from Microsoft Corp.
The Post company said Jacob Weisberg will stay as Slate's editor and that the business operations of Slate will be run by Washingtonpost.Newsweek Interactive, a Washington Post Co. subsidiary.
Slate's sale had been rumored since the summer. The onlime magazine, with its content mix of culture and politics, was founded in 1996 by journalist and commentator Michael Kinsley (Mr. Weisberg replaced Mr. Kinsley as editor in April 2002) and has, for the most part, been unprofitable. But Slate had the good fortune to hang on thanks to its deep-pocketed owner, Bill Gates.
No price for the acquisition was announced and a company official said it won't be disclosed, but a story on the washingtonpost.com said the buying price was in the millions of dollars.
The deal will close in January.
In a separate agreement between Microsoft and WPNI, Slate will continue to be available to users on MSN through links on the MSN portal.
Source – AdAge.com