Bloomberg is reporting that Newsweek, the 79-year-old magazine, will stop its print edition, becoming an online-only publication.
Newsweek's owner, IAC/InterActiveCorp, made the surprise announcement today during its quarterly earnings call. The New York-based company said "it would curb investments in the money-losing business."
IAC chief Barry Diller, who as of this week owns a majority stake in the company, said the changes could take place as early as this fall.
Diller praised editor Tina Brown's efforts, saying, "The brand is stronger than when we acquired it."
According to Deadline, the inclusion of Newsweek/Daily Beast in IAC's quarterly results contributed to higher losses, though exact figures were not released.