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Newsweek likely to become digital magazine

10:30 AEST Thu Jul 26 2012
AAP
US magazine Newsweek is set to go digital to stem its losses and could undergo other changes by next year
US magazine Newsweek is set to go digital to stem its losses and could undergo other changes by next year (Getty)

The company operating the US magazine Newsweek has indicated the venerable publication is likely to go digital to stem its losses and could undergo other changes by next year.

Barry Diller, chairman and chief executive at the conglomerate IAC, said his firm is looking at options now that its partner in the Newsweek/Daily Beast operation has pulled out.

Diller told a conference call on Wednesday that the Harman family, which had been part of the news operation, had pulled out following the death of magnate Sidney Harman.

He said one of the options is a transition to a digital magazine, but did not offer any specific plans.

"The transition will happen," Diller told a call on IAC earnings. "I'm not saying it will happen totally but the transition to online from hard print will happen."

Diller said a plan for the coming year will be in place by September or October.

"The plan in place for next year will be different than it was this year," he said. "I can't tell you in what ways, but it is going to be different."

The Washington Post sold Newsweek to California billionaire Sidney Harman for one dollar in 2010, ahead of a deal with IAC to merge the magazine with the online operation to become known familiarly as Newsbeast.