After 80 years of delivering weekly world news by way of print publication, Newsweek has decided that it will eliminate its paper magazine at the end of the year and move forward with a strictly digital format.

The new subscription only online publication will be called Newsweek Global. According to statement earlier this week on the publication’s sister site The Daily Beast, it "will be a single, worldwide edition targeted for a highly mobile, opinion-leading audience who want to learn about world events in a sophisticated context."

According to a joint statement by editor in chief Tina Brown and CEO Baba Shetty, Newsweek has made the decision to publish an all digital format as a means to keep up with a rapidly growing electronic readership, as well as to cut the costs of print publishing and distribution.

The statement went on to explain that these changes would ultimately lead to the downsizing of both the editorial and business offices, but specific numbers were not mentioned.

Newsweek’s landmark decision comes after years of declining circulation and diminishing advertising revenue. The final print edition will be published December 31.

[NBC News]