Newsweek's last U.S. print edition will be its Dec. 31 issue.
Barry Diller, the head of the company that owns Newsweek, had announced in July that the publication was examining its future as a weekly print magazine.
The announcement of the change was made by Tina Brown, editor-in-chief and founder of The Newsweek Daily Beast Co., on The Daily Beast website Thursday.
Brown said staff cuts are expected, but didn't give a specific figure.
Brown said that the online publication will be called Newsweek Global and will be a single, worldwide edition that requires a paid subscription. It will be available for tablets and online reading, with certain content available on The Daily Beast website.