The Press: Newsweek's News

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"I'm Glad I Did It." Graham does not take formal possession of Newsweek until next week, but his weight was felt even before the ink on his earnest check had dried. In as new editor went Managing Editor Osborn Elliott. 36. a 1944 Harvard graduate and former TIME writer, to replace John Denson, who resigned last month to become editor of the New York Herald Tribune. Aging Board Chairman Muir was politely shifted to a resounding but inactive new post as chairman of the executive committee of the board. Malcolm Muir Jr., 45. once heir apparent to his father's desk, was invited to move to Washington in an as yet unidentified capacity on the Post.

As Newsweek's new proprietor, Graham plans to divide his time more or less equally between Washington and New York. Newsweek's neuter approach to the news is bound to yield to Phil Graham's outspoken Democratic liberalism. And Phil Graham himself seemed like a kid with a new toy. "It may be fun and it may be agony," said he of his new venture. "But I'm glad I did it."