Newsweek Owner Says Magazine Will Eventually Shift Online
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Newsweek will eventually transition to an online publication, owner IAC/InterActiveCorp said today, marking the beginning of the end for the money-losing magazine’s 79-year run as a print weekly.
IAC Chairman Barry Diller made the announcement during a quarterly conference call, saying the New York-based company aims to curb investments in the business. Newsweek is projected to lose as much as $22 million this year, according to a person with direct knowledge of the matter. Still, Diller stopped short of saying the magazine would undergo a “total” shift online.