Newsweek, the 79-year-old New York-based publication, has announced it will no longer produce a print version after December 31st. The company will instead move to an online-only model in a publication called Newsweek Global.
First published in February 1933, the magazine faced turmoil during the 2008 financial crisis which saw it restructure its business significantly. Between early 2008 and mid 2009, its subscriber base fell from 3.1 million to 1.9 million. The publication was sold by its parent company of 40 years, the Washington Post Co.
With the rise of online media, the news magazine changed its editorial focus from news coverage to more of opinion and analysis within the last decade. In 2010, it merged with online publication The Daily Beast, with the aim of having the online arm cover the daily news while the print edition providing more insightful analysis.
Quad Graphics, which has been printing Newsweek since 1977, announced that there will be no job cuts as a result of Newsweek‘s online transition.
“We have printed Newsweek for many years and are sad to see this venerable newsweekly end its print edition,” said Claire Ho, a spokesperson for Quad. “Today’s announcement will have negligible financial impact on our company. The work we performed for Newsweek was insignificant to our overall business.” Quad, earlier this month, announced a new US$900 million agreement to produce 85 percent of Time Inc.’s print work.
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