Newsweek may cease print edition
Newsweek will eventually transition to an online
publication, owner IAC/InterActiveCorp (IACI) said today, marking the beginning
of the end for the magazine’s 79-year run as a print weekly.
IAC Chairman Barry Diller made the announcement during a
quarterly earnings conference call, saying the New York-based company aims to
curb investments in the money-losing business. Still, he stopped short of
saying it would be a “total” shift to the Internet.
“The transition to online from hard print will take
place,” Diller said. “We’re examining all of our options.”
A plan to move Newsweek to an online-only publication
will be announced as early as September, Diller said. Newsweek became part of
his media holdings in 2011 when it merged with IAC’s Daily Beast Co., an online
news startup that Diller started with former Vanity Fair editor Tina Brown. The
merger was part of an agreement with the late Sidney Harman, who acquired
Newsweek from Washington Post Co. for $1 and the assumption of liabilities.
IAC, which makes most of its revenue from the Match.com
and Ask.com websites, reported a 2.1 percent gain in second-quarter net income
to $43.3 million. Sales increased 40 percent to $680.6 million.
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