After loosing money on its print edition, Newsweek will stop printing its magazine and become a digital-only publication at the end of 2012.
The new all-digital publication, called Newsweek Global, “will be a single, worldwide edition,” Tina Brown, editor, wrote.
From Brown’s email:
“We are transitioning Newsweek, not saying goodbye to it. We remain committed to Newsweek and to the journalism that it represents. 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.
The inexorable move to an all-digital Newsweek comes with an unfortunate reality. Regrettably we anticipate staff reductions and the streamlining of our editorial and business operations both here in the United States and internationally.”
The 79-year-old iconic magazine was losing ad revenue and single copy sales were down. The current owner, Sidney Harman struck a deal with Brown, editor of The Daily Beast, and Barry Diller’s InterActiveCorp (IAC) to run the business.
IAC owns Match.com, Ask.com and CollegeHumor.com and generates most of its revenue from those digital properties. So what else is new? They aren’t going to care about “tradition” or print, only the bottom line.
Wonder when Time will cease printing…