The final print edition of American weekly news magazine Newsweek will be the December 31 issue, after which the publication will focus on digital, including expansion of its tablet and online presence, and a greater global focus.
Job losses are expected to result from the move, although exact numbers have not yet been announced.
Renamed as Newsweek Global, the all-digital publication will provide a single, worldwide edition of Newsweek targeted at "a highly mobile, opinion-leading audience who want to learn about world events in a sophisticated context".
Newsweek Global will be supported by paid subscription and available through eReaders for both tablet devices and the web.
Select content will also be made available on sister publication, The Daily Beast, which was launched four years ago and has grown strongly to attract more than 15m monthly unique visitors.
By contrast, the once mighty Newsweek has struggled in the shift to digital.
Between 2007 and 2009, Newsweek suffered a 38% fall in its revenue, prompting previous owner, The Washington Post Company, to sell it to US businessman Sidney Harman in August 2010 for a reported price of just $1.
In November 2010, Newsweek merged with The Daily Beast website to form the Newsweek Daily Beast Company. Harman passed away in April 2011.
In a joint post, The Newsweek Daily Beast Company editor-in-chief and founder Tina Brown and company chief executive Baba Shetty said that the business has been "increasingly affected by the challenging print advertising environment".
However, they feel that Newsweek has a strong future on online platforms.
"Newsweek's online and e-reader content has built a rapidly growing audience through the Apple, Kindle, Zinio and Nook stores as well as on The Daily Beast," they said.
"Tablet-use has grown rapidly among our readers and with it the opportunity to sustain editorial excellence through swift, easy digital distribution - a superb global platform for our award-winning journalism. By year's end, tablet users in the United States alone are expected to exceed 70 million, up from 13 million just two years ago."
They added: "Currently, 39% of Americans say they get their news from an online source, according to a Pew Research Centre study released last month.
"In our judgment, we have reached a tipping point at which we can most efficiently and effectively reach our readers in all-digital format. This was not the case just two years ago. It will increasingly be the case in the years ahead."
Brown and Shetty stressed that Newsweek was transitioning to digital rather than ending. They said that they remain committed to the publication and "the journalism that it represents".
"This decision is not about the quality of the brand or the journalism - that is as powerful as ever. It is about the challenging economics of print publishing and distribution," they said.
"Newsweek is produced by a gifted and tireless team of professionals who have been offering brilliant work consistently throughout a tough period of ownership transition and media disruption."
However, Brown and Shetty said that they do anticipate job losses as a result of the move to streamline the editorial and business operations in the US and internationally. Exact numbers or details on this have not yet been announced.
"Exiting print is an extremely difficult moment for all of us who love the romance of print and the unique weekly camaraderie of those hectic hours before the close on Friday night," they said.
"But as we head for the 80th anniversary of Newsweek next year we must sustain the journalism that gives the magazine its purpose - and embrace the all-digital future."
The shift from print to digital is currently a hot topic in the media industry, as print sales tumble and people increasingly access their news for free over the internet, or on mobile devices.
Only yesterday, The Guardian newspaper denied that it was considering ending its print edition and going completely digital.
The paper's media editor, Dan Sabbagh, said that 75% of the Guardian's revenue still comes from print and so the shift to entirely digital would not be practical.