When you pay $12 for a beer at the NBA playoffs, you have overpaid. Seems like when IAC/InterActiveCorp. shelled out $1 for Newsweek in 2010, they might have overpaid, too.

Variety‘s Ted Johnson had an exclusive report that the once mighty Newsweek is once again for sale.

Considering the online magazine’s rising budget deficits and declining readership (down roughly 33% in the past 6 months) it’s a wonder IAC isn’t paying someone to take the publication off their hands.

Lots of strategists and consultants have had ideas about how to run successful online magazines including Malcolm Coles, Agility CMS, and plenty of others. A 2011 Compete.com even went as far as to do actual research and chronicle which online magazines were making money.

Funny that the National Enquirer is actually building a better business model than the 80-year stalwart Newsweek. And before anyone says “oh well that’s just entertainment,” Even NYMag.com, a legitimate news source, has better financials than Newsweek.

I wonder if there’s a Pulitzer for most boring reporting? Losing 1 million readers in six months may just be reward enough.