It was putting Newsweek magazine, a U. S. publication since 1933, up for sale, the Washington Post Co. said on Wednesday.

"We have reported losses in the tens of millions for the last two years. Outstanding work by Newsweek's people has significantly narrowed the losses … but we do not see a continuing profitability under our management," Company Chairman Donald Graham said in a statement.

The company was looking for a "rapid sale to a qualified buyer," Graham further said.

"If anyone should take the blame for this ending, it is me for not seeing early enough … changes that have come to our industry," he said.

Employees in good standing not kept on by a buyer would receive a severance package, Managing Director Ann McDaniel said.

She further said, "We don't have a secret buyer waiting in the wings."

Newsweek editor Jon Meacham was trying to interest investors in a takeover of the magazine, The Financial Times has reported.

Meacham said, "I'm going to explore every possibility to see that Newsweek's voice continues to play a role in the global conversation."

He also said, "It's a totally rational business decision for the Post company, but different buyers, different entities might be able to make a wise decision in the other direction." (With Inputs from Agencies)