Newsweek‘s future—or the possible lack of one—has been a subject of speculation for years. The magazine was founded in 1933 and acquired by WaPoCo in 1961, helping create the company now dominated by its Kaplan education services, not news. While others were beginning to pick up steam from an recovery, Newsweek’s revenues plummeted 30 percent in Q4; the magazine’s total revenue was down 27 percent to $184.2 million. Ad revenues were down 37 percent for the year and 36 percent for the quarter. That was despite a stern-to-stem makeover and complete refocus.

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The numbers plus Graham’s frank words—and common knowledge about the magazine’s woes—raise the immediate questions: who would want Newsweek and why? Unfortunately, Bloomberg already has a weekly mag but think along the same lines. Either someone needs the imprint and brand a Newsweek brings and can get a cents-on-the-dollar deal good enough to make it worth the risk a la BusinessWeek and Bloomberg, or someone who believes strongly enough in Newsweek‘s potential for success with a massive correction to the cost structure and can raise the money. Editor Jon Meacham told the staff today he is trying to make a bid of his own, according to The Awl.

Graham told the Washiongton Post that Newsweek.com only brought in $8 million in 2009, not a comforting sign for anyone exploring possible ownership. But, according to Howard Kurtz, Post Co. VP Ann McDaniel told the staff she believes the magazine will sale. Her rationale includes the sale last week of the Philadelphia papers, as though a still-major metro can be compared to the market for a newsweekly bleeding cash. She added, “If you think my confidence is misplaced, know this: Every one of you will get a job offer” or a severance package. Unlike BusinessWeek, which waited for a new owner to make the heavy cuts, Newsweek has already slashed more than 150 jobs in the last two years.