The Daily Beast, Newsweek's online counterpart, posted this at 6:45 this morning:
We are announcing this morning an important development at Newsweek and The Daily Beast. Newsweek will transition to an all-digital format in early 2013. As part of this transition, the last print edition in the United States will be our Dec. 31 issue.
The all-digital format will not be The Daily Beast, but a new premium, subscription-only online publication called Newsweek Global. Some of its content will be available on The Daily Beast, according to Newsweek/Daily Beast's executive editor, Tina Brown, and its CEO, Baba Shetty. "In our judgment," they write, "we have reached a tipping point at which we can most efficiently and effectively reach our readers in all-digital format. This was not the case just two years ago. It will increasingly be the case in the years ahead."
They say they are "transitioning Newsweek, not saying goodbye to it. We remain committed to Newsweek and to the journalism that it represents." They also say they anticipate unspecified "staff reductions."
Newsweek will be 80 years old next year--or it would have been.