Media mogul Barry Diller made a major admission on Monday from the 2013 Milken Conference.
During an interview with Bloomberg TV's Willow Bay, also a senior editor at The Huffington Post, the IAC chairman defended the publication's decision to case its print edition, but qualified his statement. "I don't have great expectations," he said of Newsweek's move to an all-digital format. "I wish I hadn't bought Newsweek—it was a mistake."
In November 2010, Newsweek announced that it was entering a 50-50 partnership with the IAC-owned Daily Beast. The joint venture, titled The Newsweek Daily Beast Company, was owned equally by Sidney Harman (then-owner of Newsweek) and IAC.
Harman died in April 2011. Months later, the Harman Trust stopped investing into the joint venture, so IAC acquired a controlling interest of Newsweek Daily Beast. At the end of 2012, the company announced that it was ceasing its print publication and continuing with an all-digital format. As a result, multiple staffers from the print side of the business were laid off.