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.