Newsweek, the iconic American magazine, is to end its 80 years as a print magazine and will become a web-only magazine in the new year, its editor-in-chief Tina Brown has announced. Further, there will be job losses and the business will be "streamlined".
Newsweek, which has dominated the US and produced some of the country's best journalism, would publish its last print edition in December-end. Apparently, no effort has managed to restore the magazine to its earlier glory. Ms Brown had bought it together with her internet start-up The Daily Beast two years ago. In an article on the Beast website, she said the only way to preserve Newsweek’s journalism was to embrace the all-digital future.
Newsweek lost $ 28m in 2009 and was widely expected to have lost $ 20m in 2010, according to insiders and competitors. Despite downturns in ad spend, Newsweek had managed to increase its ad revenues but its circulation is less than half what it was five years ago.