Jack Shafer with a very interesting piece on why Newsweek's slow-motion collapse is actually bad news for Time Magazine:
The twin declines of U.S. News and Newsweek have signaled to the market that the newsweekly category is of such deficient interest to readers and advertisers that it can't support more than one. We've been here before in publishing history. The large-format, general-interest magazines--the Saturday Evening Post, Look, and Life-- fought a similar battle for supremacy in the 1960s. But the deaths of the Saturday Evening Post (1969) and Look (1970) didn't extend a permanent lifeline to the triumphant Life. Instead, it foretold that magazine's expiration (1972) and the end of a publishing category. If Newsweek continues its wind-down, Time could join its stablemate Life in the glue factory.
Thank goodness The Atlantic has such fierce competition in High Times and Juggs magazines.