Newsweek announced Thursday that it would end its print publication at the end of the year and will focus on a digital format.

The weekly magazine, which was founded nearly 80 years ago, will publish its last edition on December 31, 2012, said Tina Brown, the founder and editor-in-chief of Newsweek Daily Beast Co., and Baba Shetty, the company’s CEO.

The two said that the digital publication will be called “Newsweek Global,” and will derive its income through “paid subscription and will be available through e-readers for both tablet and the Web,” the statement reads. It will feature the Daily Beast’s “select content,” it added.

Two years ago, The Washington Post sold Newsweek to magnate Sidney Harman for a token dollar, and it operated jointly with The Daily Beast.

Harman died last year and his family said that they would no longer invest in the magazine.

Brown and Shetty said there will likely be staff reductions due to Newsweek’s closing.

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