Newsweek, the renowned yet ailing weekly news magazine owned by IAC/InterActiveCorp, has been acquired by IBT Media, the company announced on Saturday.
IBT Media, an international digital news company, bought Newsweek brand and the operations of the online publication, not including The Daily Beast. Financial terms of the deal were not disclosed. Newsweek will operate as a wholly owned subsidiary of IBT Media, the company said.
"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," Etienne Uzac, the co-founder and CEO of IBT Media, said in a statement over the weekend.
"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," Uzac added. "We look forward to working together to create a profitable and successful enterprise."
IBT plans to continue operating Newsweek as a digital-only publication and return it to its previous domain, www.newsweek.com, but said foreign license agreements to publish the magazine in other countries would remain in place.
IBT Media, founded and owned by Uzac and Davis in 2006, aims to capitalize on the Newsweek brand and editorial offering to grow the online franchise with readers around the world. Other publications under the IBT Media umbrella include its flagship site International Business Times and iDigitalTimes along with a video portal, Bizu.tv.
IAC/InterActiveCorp, which is run by Barry Diller, purchased Newsweek as part of an agreement with the late Sidney Harman in November 2010 for $1. Newsweek published its final print issue in December 2012 and focused solely on digital. IAC said they sold Newsweek in order to devote its attention on The Daily Beast, according to the editor, Tina Brown.
Newsweek's sale to IBT is slated to close this month, after which IBT will have up to 60 days to take over the property.
