MUMBAI: American internet company InterActiveCorp, which owns the coveted Newsweek magazine, has revealed that the print edition of long-running weekly magazine which has been marred by losses will cease operations and will be available only online.
Barry Diller, the chairman of the New York-headquartered internet co, said a major problem with Newsweek is the manufacturing cost of producing the weekly.
"I'm not saying it will happen totally, but the transition to online from hard print will take place," Diller said adding, "We're examining all of our options."
Diller asserted that a new plan for Newsweek, which is estimated to lose $22 million this year, would be in place by October or early next year.
The magazine, which has four English language editions and 12 global editions, was put on the block by erstwhile owners The Washington Post following successive losses.
Newsweek was eventually sold to audio pioneer Sidney Harman on in 2010 for $1 in exchange for assuming the magazine's financial liabilities.
At the end of 2010, Newsweek merged with the online publication The Daily Beast with Tina Brown, The Daily Beast's editor-in-chief, taking over as the editor of both publications. The new entity, The Newsweek Daily Beast Company, was equally owned by IAC and Harman.
Diller took control after the family of late billionaire stereo magnate Harman stopped investing in their joint-venture.
Newsweek was launched in 1933 by Thomas J.C. Martyn, a former foreign-news editor for Time. The magazine's first issue launched on 17 February, 1933.
In India, the Outlook Group was distributing the facsimile edition of the magazine.
Barry Diller, the chairman of the New York-headquartered internet co, said a major problem with Newsweek is the manufacturing cost of producing the weekly.
"I'm not saying it will happen totally, but the transition to online from hard print will take place," Diller said adding, "We're examining all of our options."
Diller asserted that a new plan for Newsweek, which is estimated to lose $22 million this year, would be in place by October or early next year.
The magazine, which has four English language editions and 12 global editions, was put on the block by erstwhile owners The Washington Post following successive losses.
Newsweek was eventually sold to audio pioneer Sidney Harman on in 2010 for $1 in exchange for assuming the magazine's financial liabilities.
At the end of 2010, Newsweek merged with the online publication The Daily Beast with Tina Brown, The Daily Beast's editor-in-chief, taking over as the editor of both publications. The new entity, The Newsweek Daily Beast Company, was equally owned by IAC and Harman.
Diller took control after the family of late billionaire stereo magnate Harman stopped investing in their joint-venture.
Newsweek was launched in 1933 by Thomas J.C. Martyn, a former foreign-news editor for Time. The magazine's first issue launched on 17 February, 1933.
In India, the Outlook Group was distributing the facsimile edition of the magazine.
