Newsweek Magazine to end print edition by early 2013

After 80 years in print, Newsweek Magazine will transition to an all-digital format by early 2013, announced the Daily Beast on Thursday morning.

The new digital version of the publication will be called Newsweek Global, explained Tina Brown, the editor in chief of Newsweek/Daily Beast Co., and Baba Shetty, the company's chief executive. It will be available for both tablet and the web, and will be supported by paid subscription.

The Associated Press reported that job cuts are expected. Brown clarified that Newsweek's editorial and print operations, both in the US and abroad, would be streamlined.

"We are transitioning Newsweek, not saying goodbye to it," wrote Brown and Shetty. "In our judgment, we have reached a tipping point at which we can most efficiently and effectively reach our readers in [an] all-digital format," she said.

The post cited a Pew Research Center study that found 39 percent of Americans say they get their news from an online source.

The move doesn't come as a surprise. This past July, IAC chief Barry Diller, a majority share holder of Newsweek, said that a move towards an all-digital format was impending.