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."