Newsweek ceasing print edition in US, going all-digital

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By Patrick Rizzo, NBC News

After 80 years in print, Newsweek will publish its last print edition in the U.S. on Dec. 31 and will go all-digital starting in the new year.

In an announcement posted Thursday on The Daily Beast, which merged with Newsweek two years ago, the iconic news weekly said the online publication will be called Newsweek Global. It "will be a single, worldwide edition targeted for a highly mobile, opinion-leading audience who want to learn about world events in a sophisticated context" and will require a paid subscription.  

The joint statement from editor-in-chief Tina Brown and CEO Baba Shetty said a challenging print advertising environment was the motivation behind the move. Newsweek said it was seeking to take advantage of the swift growth in the use of tablets, online and e-readers. 

"This decision is not about the quality of the brand or the journalism—that is as powerful as ever. It is about the challenging economics of print publishing and distribution," the statement added."Tablet-use has grown rapidly among our readers and with it the opportunity to sustain editorial excellence through swift, easy digital distribution...." the statement said.

The statement said Newsweek expected reductions among its editorial and business staff in the U.S. and overseas, but did not give a specific number.

Barry Diller, the head of the company that owns Newsweek, had announced in July that the publication was examining its future as a weekly print magazine.

The Associated Press contributed to this report.