- The Washington Times - Monday, April 29, 2013

Barry Diller, the chairman of Newsweek parent company InterActiveCorp, told Bloomberg News on Monday he didn’t have great expectations for the struggling digital-only publication and that he wishes he hadn’t bought it.

Speaking to correspondent Willow Bay, Mr. Diller said the company decided to cut its print edition “because printing a single magazine is a fool’s errand, if that magazine is news weekly.”

“There are some one-off magazines that have no competition in their field, luxury magazines, where advertisers must advertise in them,” he said. “But for a news magazine — which is an odd phrase these days — news weekly, we have news instantly, but it was not possible to print it any longer.”

Rather than folding Newsweek and The Daily Beast altogether, Mr. Diller explained that given the strong newsroom, they decided to offer a purely digital product.

But he added he is far from optimistic about the endeavor.

“I don’t have great expectations,” the chairman revealed. “I wish I hadn’t bought Newsweek. It was a mistake.”

Sign up for Daily Newsletters

Copyright © 2019 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide