Are we close to seeing the end of Newsweek as we know it? Earlier today, comments made by Barry Diller during an IAC/InterActiveCorp earnings call insinuated that the 79-year-old magazine could eventually be online-only.
AllThingsD writer Peter Kafka was on the IAC call and reported that Diller suggested that a digital plan could be in Newsweek’s future—but didn’t make a firm commitment.
Per Kafka’s transcript of the call, Diller said, “The transition will happen, I believe. I’m not saying it will happen totally…We’re examining all of our options.” As far as a time line, Diller added, “Our plan is that by September, October and certainly, uh, firmly have a plan in place for next year. It’s going be different than it is this year.”
In an email to Politico reporter Dylan Byers, IAC spokesperson Justine Sacco clarified that “[Diller] was speaking about the weekly print industry in general and said that it’s difficult…He mentioned that he thinks at some point there will be a transition to online from hard print, not entirely, but a general transition, but that was in reference to the whole industry.”
The IAC is also planning to shrink its investment in the Newsweek/Daily Beast business. According to Deadline Hollywood, Diller said today that IAC also won’t “contribute to the losses of the business as they’ve been this year…Our investment next year will be considerably less.”