Newsweek, the 79-year-old magazine, will eventually stop its print edition and become an online-only publication, Bloomberg reported.
Newsweek's owner, IAC/InterActiveCorp, made the announcement during its quarterly earnings call today, Bloomberg said. The New York-based company said "it would curb investments in the money-losing business."
IAC chief Barry Diller, who as of this week owns a majority stake in the company, said the changes could take place as early as this fall, according to Politico.
According to All Things D, Diller said, "And the transition will happen, I believe. I’m not saying it will happen totally. But the transition to online from hard print will take place. We’re examining all of our options. Our plan is that, by September, October and certainly, uh, firmly have a plan in place for next year. It’s going be different than it is this year. I can’t tell you in what ways it’s going to be different."
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Diller praised editor Tina Brown's efforts, according to Deadline, saying, "The brand is stronger than when we acquired it."
According to Deadline, the inclusion of Newsweek/Daily Beast in IAC's quarterly results contributed to higher losses, though exact figures were not released.