A printing system includes a printing station having a rotatable print member and a set of marking subsystems. In a sheet-printing mode, a media sheet is transported to the printing station where the print member is rotated to transport the sheet past the marking subsystems to form a printed image. The printed sheet is then transported to an output sheet receptacle. In a web-printing mode the print member is configured to rotate freely and a web of media is transported around the print member past the marking subsystems to form a printed image. A tensioning system is used to control the motion of the web of media.