Newsweek is being sold to an online news company, less than a year after it ended publication of its weekly print magazine and went all digital.
IBT Media, which publishes the International Business Times, said it was acquiring Newsweek from IAC, run by Barry Diller. Terms weren’t disclosed.
"We believe IBT will serve as an excellent new home in which Newsweek has the opportunity to thrive," read a memo to employees from Rhona Murphy, interim CEO of the Newsweek Daily Beast Company.
Newsweek once had a circulation of 3 million but was in decline when it merged with The Daily Beast in 2010. It ceased print publication on Dec. 31. The deal with IAC is for the Newsweek brand and its online publication, IBT Media said in a statement.
“We respect the brand's long history of delivering high-quality, impactful journalism and believe this aligns well with IBT Media's culture and mission,” Etienne Uzac, co-founder and chief executive officer of IBT Media said in the statement.
IBT Media, which was founded in 2006, said it planned to continue the online publication as a wholly owned subsidiary of IBT Media.
IAC would continue to operate Newsweek for up to 60 days after the deal closes, IBT said. It said Newsweek would return to the URL http://www.newsweek.com.
First published August 3 2013, 4:07 PM