Buyer's Remorse: Media Mogul Says He Regrets Acquiring Newsweek

Billionaire media mogul Barry Diller on Monday revealed something rather extraordinary: He regrets buying Newsweek.

“I wish I hadn’t bought Newsweek,” the founder and Chairman of IAC/InterActiveCorp said today in a Bloomberg Television interview.

“It was a mistake,” he added.

Newsweek magazine in 2010 merged with the Daily Beast. Diller said the decision came down to the fact that online news has made it nearly impossible to maintain a weekly news magazine.

“It’s a fool’s errand,” he said.

Newsweek announced last year that it would transition to an online-only publication, citing the high cost of maintaining a print edition.

“We have a very solid newsroom,” Diller said during his Bloomberg TV interview.

Still, he added, “I don’t have great expectations” [Newsweek/Daily Beast comments at the 05:38 mark]:

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(H/T: BuzzFeed). Featured images courtesy Newsweek.