Wednesday, July 25, 2012

Newsweek days in print are numbered; may go online-only this fall

The first shoe to drop was the announcement this week that the Harman family was no longer going to invest in Newsweek and the Daily Beast.
The second shoe is the announcement by IAC/Interactive Corp (IACI) that the 79-year-old newsmagazine would probably move to online-only publication as early as September.
Barry Diller, the chairman of IACI, made the announcement during a quarterly earnings conference call, according to a story in Bloomberg. IACI owns the Daily Beast online, which was started by Diller and former Vanity Fair editor Tina Brown. The Daily Beast was merged with Newsweek in 2011.
IAC, which makes most of its revenue from the and 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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