Newsweek to scrap print edition, move to online-only version
Tina Brown, the editor-in-chief of both Newsweek and The Daily Beast, the online news site that was combined with the magazine last year, made the announcement on line. She said the growing use of tablet computers by readers, combined with continued weakness in print advertising, forced the decision.
The final print edition will be the Dec. 31, 2012 issue.
For decades Newsweek was owned by the Washington Post. But the Post sold the magazine to audio industry pioneer Sidney Harman in August 2010. It was merged with The Daily Beast in a deal finalized in February 2011, creating a joint venture that was half-owned by IAC/InterActiveCorp.
The new online publication will be called Newsweek Global.
"Regrettably, we anticipate staff reductions and the streamlining of our editorial and business operations both here in the U.S. and internationally," Brown said in the statement, although she did not give any details on the extent of the staffing cuts to come.
Officials with Newsweek's prime competitor, Time, were not immediately available for comment. Time and CNNMoney are both owned by Time Warner.
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