Newsweek Ends 80-Year Run

CHICAGO (CBS) -- Newsweek, once an icon of print journalism, will soon bite the dust, and more than a few people are mourning its loss.

The 80-year-old publication is the latest victim of the digital revolution, CBS 2's Mike Parker reports.

Newsweek owners have decided to kill off the print edition of the newsmagazine at the end of this year. The plan is to expand Newsweek's Internet presence. The digital edition will have a subscription fee.

Journalism professor Karen Springen worked as a reporter for Newsweek for 24 years. Her reaction to its imminent death was dripping with irony.

"I immediately went to Facebook to our Newsweek alumni group and looked at what everyone was saying. People were so sad. I mean, Newsweek is a part of journalism history," she says.

Competition from the Internet drove the magazine's circulation from over 3 million in 2000 to 1.5 million this year. Young people with their tablets and smart phones drove the stake through Newsweek's heart.

"You can see everything on line now, can read everything online so what's the point of picking up a paper?" Anthony Romano says.