Newsweek will no longer be a print magazine, Tina Brown announced in an early-morning blog post. The last print edition will be December 31, 2012.
“In our judgment, we have reached a tipping point at which we can most efficiently and effectively reach our readers in all-digital format,” Ms. Brown writes. “This was not the case just two years ago. It will increasingly be the case in the years ahead.”
The new all-digital, paid-subscription publication will be called Newsweek Global and be available for tablets and online. Select content will be available on The Daily Beast’s website. The Daily Beast, which launched in 2008, merged with Newsweek two years ago.
“It is important that we underscore what this digital transition means and, as importantly, what it does not. We are transitioning Newsweek, not saying goodbye to it. We remain committed to Newsweek and to the journalism that it represents,” writes Ms. Brown. “This decision is not about the quality of the brand or the journalism—that is as powerful as ever. It is about the challenging economics of print publishing and distribution.”
But unfortunately, Newsweek‘s commitment to journalism doesn’t include a commitment to staffers. Layoffs are inevitable.
“Regrettably we anticipate staff reductions and the streamlining of our editorial and business operations both here in the U.S. and internationally.”