Newsweek Bids Adieu to Print

If you’ve long enjoyed cradling a copy of Newsweek like it was your very own baby, you’d best stock up on old issues: The magazine is moving to an all-digital format in early 2013 and will be rechristened as Newsweek Global.

The magazine’s total paid circulation stood at 3,158,480 in 2001 but had plunged to 1,527,157 by June 2012. “Losses at the magazine have been reported to be about $40 million a year,” the New York Times writes, “and Barry Diller, the chairman of IAC, which owns both the Daily Beast and Newsweek, made it clear he would not underwrite the losses forever.”

Moving to an online-only format may well stem financial losses, but the shift will result in loss of a different kind. You know — what the Brits call “redundancies.”

The announcement from Newsweek/Daily Beast editor Tina Brown used the usual corporate-speak to say as much: “Regrettably we anticipate staff reductions and the streamlining of our editorial and business operations both here in the U.S. and internationally.”

And so those reduced staffers can look forward to joining the ranks of the 1,850+ journalists who also lost their jobs this year — either through layoffs or buyouts.

As newspapers and magazines increasingly shift their resources online, the real question is this: Can they do so without kicking journalists to the curb?

Original photo by Flickr user Danil Vasiliev

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