Like a phoenix rising from the ashes, Newsweek, which ceased publication at the end of 2012, will be revived by its new owner next year.
According to The New York Times, Newsweek’s editor-in-chief, Jim Impoco, said the magazine will return in January or February as a 64-page weekly edition, and that it will be more subscriber dependent and more expensive than its predecessor.
Impoco compared the new Newsweek’s marketing strategy to that of The Economist, rather than the traditional magazine model of newsstand sales and cheap subscriptions that relies heavily on advertising dollars.
Newsweek has had a rough time in the last few years—as circulation dropped and losses mounted—leading The Washington Post to sell it to billionaire electronics magnate Sid Harman in 2010 for $1 plus $40 million in assumed liabilities. Harman vowed to keep the magazine going and later merged it with IAC/Interactive’s The Daily Beast, hoping to take advantage of the Beast’s online success.
But editor Tina Brown’s attempt to remake Newsweek, while maintaining The Daily Beast’s unique identity, failed as the magazine continued to lose money and advertisers, leading IAC/Interactive Chairman Barry Diller to cease publication.
Newsweek continued as an online publication called Newsweek Global, but that too faltered and Diller decided that it was no longer worth holding on to. He sold it to IBT Media in August for an undisclosed sum.
Impoco told the Times that he expects that the print costs will be lower than for the old Newsweek, and that they were shooting for a circulation of 100,000 in the first year.
That’s a tall order to fill, especially at a time when more and more people get their news via their phones and tablets, and with a generation of youth who rarely pick up a magazine except to occasionally look at the pictures.