Barry Diller: Newsweek Purchase a ‘Mistake’

Barry Diller

Tells Milken Global Conference aud that it was 'not possible' to print magazine any longer

IAC chairman Barry Diller says that “it was a mistake” to buy Newsweek, and even expressed doubts about the viability of the 80-year-old news weekly that went to a digital only format last year.

In an interview Monday with Bloomberg TV’s “Lunch Money,” Diller said that printing a magazine is a “fools errand if that magazine is a news weekly.”

“There are some one-off magazines that have no competition, essentially, in their field. Luxury magazines. Advertisers must advertise in them. But for a news magazine — which is a bit of an odd phrase today, news weekly, we have news instantly — it was not possible to print it any longer. So we said we will offer a digital product.”

Diller was speaking at the Milken Global Conference in Beverly Hills. He did praise the journalists working at the magazine, calling it a “very, very solid newsroom.”

But of the digital product, he said, “we will see.”

“I do not have great expectations,” he said. “I wish I had not bought Newsweek. It was a mistake.”

Newsweek was sold in 2010 by the Washington Post Co. to audio mogul Sidney Harman for $1 and assumption of its liabilities. Harman eventually merged it with the Daily Beast Co., owned by IAC. After his death, Harman’s family decided to end additional investment in the publication.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 1

Leave a Reply

1 Comment

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

  1. Dick Delson says:

    Newsweek in its time was fabulous. But with instant access to almost everything, why would anyone buy a news weekly?

More Biz News from Variety

Loading