Newsweeklies used to hold an important place in our society. People would read their daily paper, then wait for the analysis from Time or Newsweek.
A key word was "wait."
If people get impatient for downloads to their smartphones (as compared to the former wait we had for dial-up service to connect), waiting four days for a printed magazine to appear is endless.
That's a big problem for just about every weekly still be published. The one exception: The Economist, which is doing quite well, actually, publishing global economic and political news.
I think the latest (I prefer not to say "last") redesign of Newsweek was intended to mimic The Economist.
Unfortunately, that didn't work. And now Newsweek is on the block.
Check out two of David Carr's interesting New York Times columns about the fate of Newsweek, "A Cultural Artifact, on the Block" and "Changing the Course at Newsweek."