Aug 3 IBT Media, a digital-only media company,
said on Saturday it was acquiring Newsweek from IAC/InterActive
Corp, which took over the venerable title in 2010,
stopped its print edition and relaunched it as a digital-only
magazine earlier this year.
IBT Media said in a statement the deal did not include the
online news and commentary site The Daily Beast, which IAC had
acquired along with Newsweek.
It did not disclose the terms of the deal, but said the
transaction was expected to close in the coming days, after
which IAC would continue to operate the property for a
transition period of up to 60 days.
"We are thrilled to welcome this iconic brand and global
news property into our portfolio. We believe in the Newsweek
brand and look forward to growing it, fully transformed to the
digital age," IBT Media Chief Executive Etienne Uzac said in the
Newsweek will operate as a wholly owned subsidiary of IBT
Media, which was founded in 2006 and has a portfolio of 10
international online news properties including International
Business Times, Medical Daily, Latin Times and iDigitalTimes.
In an interview with Bloomberg TV earlier this year, IAC
Chairman Barry Diller called the purchase of Newsweek a mistake.