Newsweek, one of the most respected magazines in the business, will cease print publication this fall.
Barry Diller, the chairman of IAC/InterActiveCorp, which recently acquired sole control of Newsweek, announced that a plan to end the print edition of the long-running magazine is coming this fall.
“The transition to online from hard print will take place,” Diller said. “We’re examining all of our options.”
Diller’s news came in IAC’s quarterly earnings call and marks the beginning of the end for the print edition of the 79-year-old magazine, which has been having serious financial woes. By September-October, Newsweek will transition solely into a digital-only publication.
Newsweek is known for their in-depth features and often controversial cover stories/images – President Barack Obama: “The First Gay President” (May 2012), Michele Bachmann: “The Queen of Rage” (August 2011), Princess Diana: “Diana at 50” (June 2011), and Sarah Palin: “She’s One of the Folks” (October 2008), to name a few.
Even with recent circulation numbers of 1.52 million, it has been widely reported that the magazine has faced tremendous financial losses in recent years.
At the end of 2010, Newsweek merged with the online publication The Daily Beast. Tina Brown, The Daily Beast’s editor-in-chief, became editor of both publications.