×

Barry Diller: Newsweek Purchase a ‘Mistake’

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.

More Biz

  • Honoree Yusef Salaam poses at the

    Yusef Salaam Signs With CAA (EXCLUSIVE)

    Yusef Salaam, one of the men who was exonerated after being wrongfully convicted in the 1989 Central Park jogger case, has signed with CAA for representation in all areas of business worldwide. The story of Salaam and the four other men — then boys — who were wrongfully convicted was recently told in Netflix’s miniseries [...]

  • Kim Kardashian West Kimono

    Kim Kardashian West's 'Kimono' Shapewear Sparks Backlash

    West announced yesterday that she was launching a line of form-fitting shapewear in nine different skin tones and a range of sizes. But the name of the reality star’s latest business venture — “Kimono” — is already wrapped up in controversy.Kimonos are Japanese robes traditionally worn at formal affairs, prompting some to accuse the businesswoman [...]

  • Discovery Corporate New Logo

    Discovery Faces Backlash From Unscripted Producers After Shift in Series Payment Process

    Discovery Inc. is facing a backlash from the unscripted production community following a shift in the cable giant’s protocol for paying for programming. During the past year, Discovery has implemented a new system that calls for the company to pay producers for shows after all episodes and related material for a given season have been [...]

  • Wendy Goldstein Named Republic Records President,

    Republic Records Names Wendy Goldstein President of West Coast Creative

    Republic Records advances Wendy Goldstein to President of West Coast Creative, label co-founders and chief executives Monte and Avery Lipman announced today. Goldstein has overseen the company’s Santa Monica office since 2017 as EVP of Republic Records. Over the past year, she headed up the label’s efforts for Ariana Grande’s  back-to-back No. 1 debuts for the singer’s “Sweetener” and “Thank U, Next” albums, and [...]

  • The Traitor

    MMC Studios, One of Germany's Biggest Production Facilities, Changes Hands

    Germany’s MMC Studios, which has hosted such recent international productions as Joseph Gordon-Levitt thriller “7500” and Marco Bellocchio’s Cannes competition film “The Traitor,” is changing hands. Frankfurt-based investment company Novum Capital has acquired the facility in Cologne, one of Germany’s biggest film and TV studios, from Luxembourg private equity fund Lenbach Equity Opportunities I. The [...]

More From Our Brands

Access exclusive content