In a bit of a surprise move, Newsweek announced Thursday that it will cease print publication of its weekly magazine and move to an online-only format.

The announcement, of course, was made online by editor-in-chief Tina Brown. She cited the growing popularity of tablet computing and consumers moving to the digital realm as the reason for the change.

"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," she said in the statement. "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 final magazine printing will be the Dec. 31, 2012, edition. The new online-only publication will be called Newsweek Global.

Brown anticipated staff reductions from the editorial and business side.

[via CNN Money]