A top executive at Newsweek is heard saying in a secretly-recorded conversation that the storied publication has only weeks to get out of financial straits or it will die.
"I wish I could varnish this, it would be an easier conversation to have," Newsweek's Chief Content Officer Dayan Candappa said to top editors on a Feb. 21 audio recording obtained by The Daily Beast.
"I think we can pull out of this, but we have to execute with the precision of a brain surgeon. Really, we have to do everything right …
"If that doesn't happen in six weeks, now five, in five weeks we need to create 'V'-shape recovering revenue. So when the cash flow runs out, we still have promises that we can make that can keep us going, because if the cash runs out and there's similar revenue coming in, that's bad."
He said the company faced "significant" financial issues, has been operating at "50 percent of the revenue needed to cover the costs," and its cash flow would "hit bottom" in April, according to The Daily Beast.
The company's finances are reportedly being investigated by the Manhattan district attorney.
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