By Mike Bruno
Updated October 18, 2012 at 12:12 PM EDT

Newsweek announced this morning that it will cease print publication and transition to an all-digital format. In an article published on, Tina Brown, the editor-in-chief and founder of the Newsweek Daily Beast Company, cited a “challenging print advertising environment” and the company’s rapidly growing digital audience as reasons behind the decision. “In our judgment, 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.”

Brown said that the Dec. 31 issue of the 80-year-old print magazine will be its last.The digital publication will be called Newsweek Global and will require a paid subscription.

Brown indicated that layoffs will accompany the move. “Regrettably we anticipate staff reductions and the streamlining of our editorial and business operations both here in the U.S. and internationally,” she wrote.

The announcement is not a complete surprise. Newsweek merged with in 2010 and Brown was made editor of both. Despite splashy magazine covers grabbing headlines since then, the print magazine has continued to struggle with advertising. Over the summer, Barry Diller, head of the company that owns Newsweek, indicated that the publication was considering a transition to digital-only.