In a dramatic move, 111 staffers have accepted buyouts and are leaving Newsweek.

The magazine had offered nearly 150 employee buyouts, according to a report [1] on Radaronline.com.

A Newsweek spokesperson confirmed the buyouts, but did not immediately return a request for comment. [RELATED: Newsweek's statement [1]]

The buyout is said to have included as much as two years salary, certain pension bonuses and the option to continue healthcare packages until age 65.

In 2007, Newsweek pulled in $474 million in ad revenues, down nearly 2 percent from $483 million in 2006, according to the most recent Publishers Information Bureau figures. Ad pages last year were down nearly 7 percent, slipping to 1,857 from 1,991 the previous year.

It is not clear what the magazine will do without such a large contingent of its senior staffers. Some top writers and editors—including David Gates, David Ansen and George Hacket—are among those who are leaving before the end of the year. Political writers Jonathan Alter and Howard Fineman declined the offer.

Some business-side staffers who accepted the offer include tech expert Rebecca Pratt and Ray Pavlik, who worked in human resources.