Newsweek magazine, which ceased publication in late 2012, plans to start back up again in January or February, according to its editor-in-chief Jim Impoco, The New York Times reported.
"We're not going to shoo away advertisers. But we're not going to sell (the magazine) for less than the cost of producing it... It's going to be a more subscription-based model, closer to what The Economist is compared to what Time magazine is. We see it as a premium product, a boutique product," Impoco said.
IBT Media is a New York-based media company that bought the Newsweek brand in August, 2013.
In 2010, "the late billionaire stereo magnate Sidney Hairman bought the iconic but financially troubled news magazine from the Washington Post Company by assuming its debt and paying $1 in cash. He then formed a joint venture with IAC's Daily Beast news website IAC, controlled by billionaire media mogul Barry Diller, eventually assumed a controlling stake and shut down the print operation." USA Today reported.
The editor Tina Brown took control of [Daily Beast and Newsweek] but the venture failed. The traditional Newsweek [establishment] never properly blended with The Daily Beast. Brown announced in October 2012 that Newsweek would no longer publish a magazine, saving $40 million a year, and would continue as an online-only magazine called Newsweek Global," The New York Times reported.
"Failing to turn Newsweek into a profitable venture, IAC sold it to IBT for an undisclosed sum after several months of searching for a buyer," USA Today also reported.
Impoco intends to move away from the "recent-news-recap editorial approach common among news weeklies and mostly publish originally reported stories," USA Today also reported.
"The short, little things that commonly appear in weekly magazines - info-graphics, lists, charts, brief news summaries - will not appear in the new Newsweek. They are labor intensive. They're from the 90s. Those days are over," Impoco said.
"Impoco, a former editor at The New York Times, has made more than two dozen new hires and is looking to expand its international coverage.
The weekly magazine is expected to be 64-pages.
