Dec. 6 (Bloomberg) -- Newsweek/Daily Beast Co., the news company owned by Barry Diller’s IAC/InterActiveCorp, is cutting editorial jobs today as it turns Newsweek from a print magazine into an online-only publication.
Tina Brown, editor-in-chief and founder of the company, announced plans in October to cease publication of Newsweek by Dec. 31 and pare back newsroom staff. Those cuts began today, Brown said in a memo to employees.
“Employees in the affected positions will be notified today,” she said in the memo. “Much of this has already happened on the business side, and today we will be letting staff on the editorial side know where we will be eliminating positions. This is a very difficult day, and one that we approach with enormous regret.”
Affected workers will remain until at least Dec. 31 and some may stay until mid-January or later, Brown said in the memo, which didn’t give the number of cuts. Newsweek, which merged with IAC’s Daily Beast website last year, was on track to lose more than $22 million this year, a person with direct knowledge of the matter said in July.
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