Diller: ‘I Wish I Hadn’t Bought Newsweek, It Was a Mistake’

'I don't have great expectations'


Barry Diller, chairman of Newsweek parent company IAC, admitted Monday on Bloomberg that purchasing the embattled magazine was a mistake.

"There are some magazines that have no competition essentially in their field, luxury magazines," Diller said. "Advertisers must advertise in them. But for a news magazine … it was not possible to print it any longer. So we said we will offer a digital product. We have a very, very solid newsroom, and we'll see. I don't have great expectations. I wish I hadn't bought Newsweek. It was a mistake."

Newsweek transitioned to an all-digital format this year. It went through a round of layoffs just before it published its last print edition Dec. 31, ingloriously ending an 80-year run.

[H/T BuzzFeed]