Newsweek, one of the most internationally recognized magazine brands in the world, will cease publishing a print edition after nearly 80 years.

The decision to go all-digital, disclosed in a blog post on its companion website The Daily Beast, is indicative of the shift to media consumption on digital devices such as tablets and mobile phones and underscores the problems faced by newsweeklies in an increasingly commoditized, 24-hour news cycle.

The final print edition of the weekly current affairs magazine will hit newsstands on Dec. 31.

"We are transitioning Newsweek, not saying goodbye to it," Tina Brown, editor-in-chief of Newsweek Daily Beast Co, and Baba Shetty, chief executive, wrote in a post on the Daily Beast website Thursday.

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