07/06/2010 05:12 am ET | Updated May 25, 2011

Jon Meacham: Time For Newsweek To Embrace Internet, Consumers Must Pay For Quality (VIDEO)

Newsweek editor Jon Meacham, who told the New York Observer that he himself might round up bidders now that the Washington Post is selling his magazine, appeared on The Daily Show Wednesday night and said the magazine must fully embrace the internet.

"For 77 years, the emphasis has been on the print," he said. "It's probably time to flip that, in which you are solely focused on the digital, and by the end of the week, you take the best stuff" for people who "want to hold the magazine in their hands. And there are people that still do that."

He added that consumers will have to pay for information of a certain quality.

"We have to decide, are we ready to get what we're willing to pay for?" he asked. "And if you're not gonna pay for news, then you're going to get a different kind of news."

Meacham said that TIME is able to survive because it is part of Time Inc, a large magazine conglomerate.

"We've made it as hard as possible," he said. "We're a one magazine company, about the news, general interest, in a time when people don't want to pay a lot of money for that news."

Meacham, who has made no secret of the fact that he admires The Economist, added that it is one magazine who makes money while still providing thoughtful analysis.

"This is an existential crisis, and it's not just because I feel incredibly strongly that this magazine, for 77 years and unto this hour, has mattered to the life of this country, and is one of the very few common denominators in a fragmented world," he said. "I think the country will be poorer for our disappearing. The good news is, we did not close today. We went up for sale. And I will be over in the morning with the prospectus."

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