The Washington Post Co. announced Monday it will acquire Foreign Policy, a magazine focused on global economics and politics, according to the company press release posted on TradingMarkets.com.

Foreign Policy, based in Washington, was founded as a quarterly publication in 1970, and later re-launched as a bimonthly magazine in 2000. With its focus on global politics, economics and ideas, it now has readers from more than 160 countries and is printed in nine languages, according to Bloomberg.

According to the deal, Foreign Policy will be part of The Slate Group. Susan Glasser, a longtime Washington Post editor and foreign correspondent, will join the publication as executive editor, according to the company statement posted on Trading Markets.com.

Advertising sales at the Post and Newsweek plunged more than 20 percent in the second quarter, due to the weakening classified ads and falling magazine readership. The Washington Post has gained sales by expanding the Kaplan education services division, which makes up more than 50 percent of its revenue, Bloomberg reported.

According to its Web site, Foreign Policy had a circulation of 108,106 as of December 2006. A six-issue annual subscription costs US$19.95. The magazine sells advertising in its print editions and on its site.