Battered by a one-two punch of declining readership and ad pages, Newsweek magazine is getting an extreme makeover this year that will include a large circulation reduction, deep cuts in operating costs, and a new effort to attract advertisers by concentrating on an elite audience. According to The New York Times, executives at Newsweek say the retooled magazine will focus on being a "thought leader" that focuses on telling readers how to think about news, rather than telling people what happened in the last week. The plan, similar to the editorial outlook espoused by The Economist magazine, is aimed at...