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Sunday, June 23, 2013

Newsweek RIP (last issue December 31, 2012)

A July 2011 edition of Newsweek featured a computer-generated image of Princess Diana, imagining what she would look like at age 50 with Kate Middleton, now Catherine, the Duchess of Cambridge. The magazine is ending its print edition and going all-digital in 2013.

Newsweek will no longer be printed. On-line will continue. They have shifted main stream, and also under Tina Brown it has been using entertainment, buzzy cover stories, and Globe type headlines to drive the on-line side. The readers of the magazine stopped reading, with a fifty percent reduction of print circulation. 1.4 million copies are sold or subscribed to, one third of the level estimated for a break even point.

The Daily Beast is the same company on-line, so the future of Newsweek is in doubt. But for now it will continue on-line.

The revenue declines prompted an August 2010 sale by owner The Washington Post Company to 92-year-old audio pioneer Sidney Harman—for a purchase price of $1.00 and an assumption of the magazine's liabilities.Newsweek is jointly owned by the estate of the late Harman and the diversified American Internet company IAC.

CEO and co-owner Barry Diller says that the bleeding had to stop. He will also mandate staff cuts and a strict budget for both the Daily Beast and Newsweek on-line.

Newsweek is planned to be reborn as Newsweek World Wide, an interactive news and feature site with localized features and links as well as the things that form our common culture.

US News and World report stopped printing in 2010.

Time has no plans to stop printing, but size and print magazine budget have been reduce almost monthly in small increments.

Time-Warner ended sister publications "Look" magazine in 1972 and "Life" (after various experiments with changes to take advantage of the brand) in 2000, but occasionally comes out with special issues of "Life" magazine. Those photo based publications became obsolete as postage rates began to escalate, television grew in strength and later the Internet provided instant access to billions of photos and articles..

Cande' Nast did massive layoffs last week, but spared "The New Yorker", which is bleeding money heavily but is their prestige publication, both on-line and in print.

Publications have yet to figure out how to make much money on-line, however the overall cost are far lower because no printing and distribution programs are needed. These two elements are the primary cost of publishing content, not the writers, photographers and editors.

For additional information go to NPR by clicking here.

-Art Lynch

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