New York—Newsweek, which debuted in 1933, will shutter its print edition at the end of the year and adopt an all-digital format starting in early 2013.
Newsweek Editor Tina Brown, in a note posted on The Daily Beast website, said the last print issue will be published Dec. 31.
Brown is the founder of The Daily Beast, which merged with Newsweek in 2010.
“Exiting print is an extremely difficult moment for all of us who love the romance of print and the unique weekly camaraderie of those hectic hours before the close on Friday night,” Brown said. “But as we head for the 80th anniversary of Newsweek next year we must sustain the journalism that gives the magazine its purpose—and embrace the all-digital future.”
The all-digital version of the magazine will be called Newsweek Global and will have a paid-subscription model. Brown said that as a result of the change, job cuts are expected. “Regrettably we anticipate staff reductions and the streamlining of our editorial and business operations both here in the U.S. and internationally,” she said.
The move to shutter the print version of Newsweek comes less than three months after IAC/InterActive Corp. acquired a controlling stake in the Newsweek-Daily Beast joint venture when the family of the late Sidney Harman decided to stop investing in the media company. Harman had bought Newsweek in 2010 for $1.
Losses at Newsweek have been reported to be about $40 million a year while circulation has plummeted from 3.1 million in 2001 to 1.5 million as of June of this year, according to the Audit Bureau of Circulations.