London, Oct 19 (IANS): Newsweek, one of the most globally recognised and longest running magazines in US history, has announced to end its print edition after nearly 80 years.

Due to the "challenging economics of print publishing" it has decided to become an internet only publication, the Daily Mail Thursday quoted its editor Tina Brown as saying.

Staff have been warned there will be redundancies ahead of the final edition Dec 31.

The decision brings to an end the publication of a magazine founded in 1933 with financing from the son of industrialist Andrew W. Mellon.

In recent years, the magazine has struggled with declining advertising revenues.

In 2010 Newsweek merged with news and culture website The Daily Beast and last year the print edition underwent a redesign in the hope of bringing in more readers.

The digital version, called Newsweek Global, will be available on the web and e-reader and tablet format on a subscription only basis, with some content made free.

In her statement Brown said: "Exiting print is an extremely difficult moment for all of us who love the romance of print and the unique weekly camaraderie of those hectic hours before the close on Friday night.

"But as we head for the 80th anniversary of Newsweek next year we must sustain the journalism that gives the magazine its purpose - and embrace the all-digital future."

Newsweek's announcement came on the day that a report from the Interactive Advertising Bureau said that online advertising revenue could be about to surpass that of print.

The study found that in the second half of last year, websites brought $16.8 billion in ad revenue meaning that the total for 2012 could be $35.8 billion, the Mail said.

Print advertising is expected to fall to $34.3 billion over the same period.