BYE, PAPER: Newsweek announced Thursday that it plans to end its print publication and shift to an all-digital format in early 2013. Newsweek's last U.S. print edition will be its Dec. 31 issue.

HELLO, DIGITAL: The online publication will be called Newsweek Global and will be a single, worldwide edition that requires a paid subscription.

STAFF REDUCTION: Tina Brown, editor-in-chief and founder of The Newsweek Daily Beast Co., said job cuts are expected but didn't give a specific figure. She also said that Newsweek's editorial and print operations would be streamlined in the U.S. and abroad.