Yes, but there will be no new material; it will all be reprints from earlier issues, with just new covers. It'll only be sold in what they call the Direct Market, which means only in comic book stores. Mad's sales were never much from those locations; they were primarily from news stands and bookstores. Going to the direct market with reprint-only issues is the death knell for the magazine; it means they can't even afford to pay for the contributing writers. With no new material being generated, and sales probably a hundredth of what they were during the days when they sold 2 million copies of an issue not counting pass-arounds, it won't survive for long as an internet and subscription only production. In fact, I believe I read that, while they will be honoring their previously established subscriptions, they won't be soliciting new ones.
If it's still around in 18 months, I'll be surprised.