WASHINGTON: Venerable US magazine Newsweek announced Thursday its last print edition would be December 31, saying it would turn all digital to cut costs in an increasingly challenging media environment.

“We are transitioning Newsweek, not saying goodbye to it,” wrote Tina Brown, editor-in-chief and founder of the online Newsweek Daily Beast Company, in a statement posted on the Daily Beast website.

“This decision is not about the quality of the brand or the journalism - that is as powerful as ever. It is about the challenging economics of print publishing and distribution.”

Brown acknowledged the merger of the print edition and the online Daily Beast operations, called “Newsweek Global,” would require layoffs.

She said the all-digital publication "will be a single, worldwide edition targeted for a highly mobile, opinion-leading audience who want to learn about world events in a sophisticated context."

It will be available on the web and on tablets via a paid subscription, with “select content” available on The Daily Beast website.

The company operating the magazine had indicated in July the move to all-digital was likely.

Barry Diller, chairman and chief executive at the conglomerate IAC, said his firm is looking at options now that its partner in the Newsweek/Daily Beast operation has pulled out.

The Washington Post sold Newsweek to California billionaire Sidney Harman for one dollar in 2010, ahead of a deal with IAC to merge the magazine with the online operation to become known familiarly as “Newsbeast.”

More From This Section

World leaders, writers pay tribute to Garcia Marquez

Presidents, writers and celebrities paid tribute to Marquez whose work inspired generations of story-tellers.

Gabriel Garcia Marquez dies at 87

Widely considered the most popular Spanish writer since de Cervantes in 17th century, he died at home in Mexico City.

Jones, Godard, Cronenberg in competition at Cannes

Organizers of the famed Riviera festival announced the much-heralded lineup for the May 14-25 event.

73rd birth anniversary of Aziz Mian qawwal

Born as Abdul Aziz in 1942, Aziz Mian remains to this day one of the most popular qawwals of South Asia.


Comments are closed.

Comments (1)

p r sharma
October 19, 2012 4:08 am
survival strategy
Explore: Indian elections 2014
Explore: Indian elections 2014
How much do you know about Indian Elections?
How much do you know about Indian Elections?
Poll
From The Newspaper
Tweets