Newsweek Owner Says
Magazine Will Eventually Shift Online
By Sarah Frier and Edmund
Lee - Jul 25, 2012 10:00 AM PT
Newsweek will eventually
transition to an online publication, owner IAC/InterActiveCorp (IACI) said
today, marking the beginning of the end for the magazine’s 79-year run as a
print weekly.
IAC Chairman Barry Diller
made the announcement during a quarterly earnings conference call, saying the
New York-based company aims to curb investments in the money-losing business.
Still, he stopped short of saying it would be a “total” shift to the Internet.
“The transition to online
from hard print will take place,” Diller said. “We’re examining all of our
options.”
A plan to move Newsweek to
an online-only publication will be announced as early as September, Diller
said. Newsweek became part of his media holdings in 2011 when it merged with
IAC’s Daily Beast Co., an online news startup that Diller started with former
Vanity Fair editor Tina Brown. The merger was part of an agreement with the
late Sidney Harman, who acquired Newsweek from Washington Post Co. for $1 and
the assumption of liabilities.
IAC, which makes most of
its revenue from the Match.com and Ask.com websites, reported a 2.1 percent
gain in second-quarter net income to $43.3 million. Sales increased 40 percent
to $680.6 million.
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