August 5, 2013 0 Comments
Goodbye Print Media
In 2010 Sidney Harman, a billionaire from California, bought Newsweek from the Washington Post for $1 and $40 million worth of liabilities. Newsweek then merged with online news site The Daily Beast, owned by IAC. This week IAC got rid of the once-influential magazine, now only available in tablet format. IAC said it would rather concentrate on its more profitable and popular website. Barry Diller, IAC’s chief, said buying Newsweek “was a mistake.” IBT Media, an all-digital news publisher, acquired Newsweek.
Another traditional print media company, The New York Times Company, also sold its print newspaper Boston Globe and the rest of its New England Media Group to billionaire John Henry. This follows The Times’ sale of About.com to IAC in August 2012.
Is traditional print media a dying medium? Will printed news just become versions of web news? We think that just like vinyl records or lomo cameras, print media is here to stay but more for its analogue appeal than its overall function.
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