Washington - Hoping to stem the tide of dwindling readership and ad revenue, US News & World Report, the nation's third largest news magazine behind Time and Newsweek, said that it plans to switch to a monthly format, while focusing more of its efforts on the Internet. "We're accelerating this transformation in response to our rapid growth online where our audience is now about 7 million uniques a month and growing," the publication's management told employees in a memo on Tuesday. PaidContent.org reported that the new monthly version of US News will abandon news coverage in favor of its most popular consumer guides, such as annual rankings of colleges and hospitals.

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