In 2011, ad pages for Newsweek fell 16.8 percent, according to the Publishers Information Bureau-a dismal year following an even worse 2010, when ad pages plummeted nearly 20 percent. IAC -which also owns, Ask.com and -generates most of its revenue from digital properties.Īccording to, Newsweek is projected to lose as much as $22 million this year. Advertising in this category is entirely elective. What's the problem? The problem is manufacturing and producing a weekly newsmagazine. "The transition to online from hard print will take place," Diller said. Harman died in April 2011 at 92, leaving his ownership stake to his estate.
Later that year, Harman struck a deal with Brown, editor of The Daily Beast, and Barry Diller's InterActiveCorp (IAC) to run the business.
In 2010, the Washington Post Company sold Newsweek to audio equipment magnate Sidney Harman for $1 plus the assumption of the magazine's estimated $40 million-plus debt.
Regrettably we anticipate staff reductions and the streamlining of our editorial and business operations both here in the United States and internationally. The inexorable move to an all-digital Newsweek comes with an unfortunate reality. It is about the challenging economics of print publishing and distribution. This decision is not about the quality of the brand or the journalism, that is as powerful as ever. We remain committed to Newsweek and to the journalism that it represents. Please see ‘Business Notes’ for more information.We are transitioning Newsweek, not saying goodbye to it.