Barry Diller, the chairman of Newsweek parent company IAC, stated Monday that he didn’t have “great expectations” for the future of the Daily Beast and Newsweek in their new digital-only format.
Speaking to Bloomberg News correspondent
Willow Bay, Diller said that the company decided to adopt the model “because printing a single magazine is a fool’s errand, if that magazine is news weekly.”
Diller continued, “There are some one off magazines that have no competition in their field, luxury magazines, where advertisers must advertise in them," adding, “But for a news magazine — which is an odd phrase these days — news weekly, we have news instantly, and it was not possible to print it any longer.”
Rather than closing up shop altogether, Diller explained, “We said ‘okay, we’ll offer a digital product. We’ve got a very, very, very solid newsroom, and we’ll see.”
But he is far from optimistic about the future of the fledgling operation. “I don’t have great expectations,“ Diller revealed. “I wish I hadn’t bought Newsweek. It was a mistake,” he said.
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