Report: New owner says 'Newsweek' may eventually shift to online-only publication
New York —IAC/InterActiveCorp. Chairman Barry Diller said he is considering moving the 79-year-old Newsweek to an online-only edition during a conference call with analysts.
"I'm not saying it'll happen totally, but the transition to online from hard print will take place," Diller told analysts, according to reports. "We are examining all of our options."
Diller's statement was made just a few days after IAC acquired a controlling stake in the Newsweek-Daily Beast joint venture when the family of the late Sidney Harman decided to stop investing in the media company. The joint venture was created last year by combining Newsweek magazine with the online news venue.
According to reports, IAC will finalize a restructuring plan for Newsweek by October or by early next year, and plans to invest less money in Newsweek Daily Beast in 2013, Diller said.