Newsweek, one of the longest running internationally acclaimed magazines, will offer its final print edition of its 79 year history on December 31, 2012. The announcement was delivered during a meeting on Thursday, October 18, 2012 at 11:00 a.m. EST. Tina Brown, editor-in-chief at Newseek and The Daily Beast, led the meeting which included breakfast, lunch, and dinner for the magazine's staff. Later Brown offered via a Reuters interview: "We started discussing it very fiercely and intensely in June. It's been in the works a long time, in a sense. And today we felt ready and absolutely committed to going the course we charted."
Barry Diller, the magazine's owner and CEO of IAC/Interactive Corp hinted to the change in July when he mentioned making the transition from print to digital formats as more readers prefer mobile devices and tablets over print. Brown declared print is an "outmoded" and "not right medium to produce journalism" despite her "great romance for it." With faltering subscribers, half of it's pinnacle 3 million people, the magazine reconsidered it's future with plans for an affordable, subscription based digital format in the form of Newsweek Global.
Neither Brown nor other Newsweek executives were willing to offer a figure in regards to the number of job cuts the new brand and format will cause. Industry insiders speculate that most weekly magazines, printers, and publishers can expect decreased readership as the trends shift from paper to digital formats.