Newsweek to Henry Blodget: Keep Your Dollar

dollars Newsweek to Henry Blodget: Keep Your DollarAmong the many voices chiming in about the imminent sale of Newsweek this afternoon was Business Insider Editor and CEO Henry Blodget, who offered to buy the magazine for $1.

Yes, that probably sounds startling.  But if Newsweek’s finances look anything like BusinessWeek’s, our FINAL bid may actually have to be a lot lower than that.

Remember, the second-best bid for BusinessWeek, made by a company that doesn’t have billions of dollars of cash flow with which to absorb losses, was said to be -$25 million (negative $25 million).  Which is a lot less than $1.

Newsweek‘s response: “Dear Business Insider: Save Your $1. You’re Going to Need it In the Hard Years Ahead.”