NEW YORK (CNNMoney) -- Weekly news magazine Newsweek announced Thursday it will shift to online-only publication next year, discontinuing its print version after 80 years.
Tina Brown, the editor-in-chief of both Newsweek and The Daily Beast, the online news site that was combined with the magazine last year, made the announcement on line. She said the growing use of tablet computers by readers, combined with continued weakness in print advertising, forced the decision.
"Exiting print is an extremely difficult moment for all of us who love the romance of print and the unique weekly camaraderie of those hectic hours before the close on Friday night," she said in the statement. "But as we head for the 80th anniversary of Newsweek next year, we must sustain the journalism that gives the magazine its purpose—and embrace the all-digital future."
The final print edition will be the December 31, 2012 issue.
For decades Newsweek was owned by the Washington Post (WPO). But the Post sold the magazine to audio industry pioneer Sidney Harman in August 2010. It was merged with The Daily Beast in a deal finalized in February 2011, creating a joint venture that was half-owned by IAC/InterActiveCorp (IACI). IAC/Interactive took a controlling interest in the joint venture earlier this year.
For its most recent quarter, IAC reported a $7.3 million operating loss from its media unit, of which Newsweek is a major component. Losses are expected to rise the rest of this year.
"The [Newsweek] brand is good," IAC CEO Barry Diller told investors during a conference call on company earnings in July. "What is the problem? The problem is in manufacturing, producing a weekly news magazine, and that has to be solved."