Tina Brown’s reaction to today’s coverage of Barry Diller’s earnings call remarks about Newsweek shifting to online only:
From: Brown, Tina
Sent: Wednesday, July 25, 2012 4:11 PM
To: All Newsweek Daily Beast Employees
Cc: Newsweek Business Staff
Barry Diller would like to make it clear that he did not say on the earnings call as reported that Newsweek is going digital in September.
He made the uncontroversial, industry-wide observation that print is moving in the direction of digital.
Below, in summary, are the points he actually made on the IAC earnings call when he was reporting the tremendous results of the company this quarter.
1/The Newsweek brand is strong, and far stronger than it has been in years.
2/We wouldn’t finance The Daily Beast at anywhere near the level of ‘12
3/That eventually, over time, digital would replace much of print (hardly a controversial revelation)
4/In September we would be evolving our plan for the year ’13, with many options to choose from.
I am enroute to Jane Harman’s event in Aspen and I am sorry that I am not able to reassure you in person but I will be back in the office on Monday. Please refer any queries to Stephen.