Newsweek will publish its final print edition December 31
, the company announced Thursday morning. It will launch a subscription product called Newsweek Global, some of whose content will be available on the Daily Beast. A note from Editor-in-Chief Tina Brown lays out the change:
In our judgment, we have reached a tipping point at which we can most efficiently and effectively reach our readers in all-digital format. This was not the case just two years ago. It will increasingly be the case in the years ahead.
Layoffs will accompany the move: "Regrettably we anticipate staff reductions and the streamlining of our editorial and business operations both here in the U.S. and internationally," Brown writes.
During an earnings call in July, IAC/InterActiveCorp CEO Barry Diller said Newsweek would announce a digital plan for the magazine this fall
. After Bloomberg's Edmund Lee (presciently) interpreted Diller's statement to mean the magazine would eliminate its print edition
, Brown emailed staff
to note that Diller "did not say on the earnings call as reported that Newsweek is going digital in September." Brown revealed today to The Wall Street Journal's Keach Hagey that these discussions were under way before then. "We have been exploring it since June
in a very aggressive way, because all the industry trends have told us that it was only a question of when, not if."