A source at Newsweek has confirmed Allen & Co has been hired to find a potential buyer for the weekly news magazine, which launched in the US in 1933.
The EMEA edition of Newsweek has an official ABC circulation of 200,000, while its circulation in the UK and Republic of Ireland averaged 49,364 in the six months to December 2009.
The international edition of Newsweek first launched in 1945 and competes with The Economist and the recently revamped Bloomberg Businessweek for core subscribers.
Last year, the loss-making magazine underwent a drastic revamp, including a new design and a shift in focus away from chasing breaking news, to a more feature and analysis-led format.
The Washington Post Company has owned the the title since 1961, but has been unable to prevent advertising revenue slipping 37% in its last reported year.
In February 2009, the magazine made a decision to cut its global circulation by almost half in an attempt to keep it afloat in the financial downturn.