Newsweek will become an online-only publication next year, ending 80 years as a print magazine.
The last print edition in the U.S. will be the Dec. 31 issue, Tina Brown, editor-in-chief and founder of The Newsweek Daily Beast Company, said today on the company’s website. The all-digital publication, to be called Newsweek Global, will require subscriptions and will be available on tablet computers and on the Web, Brown said.
“Exiting print is an extremely difficult moment for all of us who love the romance of print and the unique weekly camaraderie of those hectic hours before the close on Friday night,” Brown said. “But as we head for the 80th anniversary of Newsweek next year we must sustain the journalism that gives the magazine its purpose and embrace the all-digital future.”
Newsweek merged with Barry Diller’s IAC/InterActiveCorp (IACI)’s Daily Beast website last year. The magazine will lose as much as $22 million this year, a person with direct knowledge of the matter said in July. Diller is curbing investment in the publication as readers of general-interest magazines, including Time Warner Inc.’s Time, turn to the Web for more frequent news on demand.
Newsweek’s circulation has dropped to about 1.5 million from about 4 million a decade ago, according to the Audit Board of Circulations.