Newsweek, the former weekly news magazine that now publishes online only, is being sold to digital news company IBT Media.
Terms of the deal, announced late Saturday, were not disclosed.
It’s the latest shakeup over at Newsweek. In 2010, longtime owner the Washington Post Co. sold the newsweekly to stereo industry magnate Sidney Harman. A few months later, Harman merged Newsweek with the Daily Beast, an online website owned by IAC/InterActiveCorp, creating the Newsweek Daily Beast Co.
But Barry Diller, the billionaire chairman of IAC, has been vocal about his unhappiness with the Newsweek brand.
“I wish I hadn’t bought Newsweek,” Diller said in an interview with Bloomberg in April. “It was a mistake.”
Newsweek, which was fast losing print readers, published its final print edition in December. These days it occupies its own section on the Daily Beast’s website.
But IBT -- which will acquire the Newsweek brand and the operations of the online publication, not including the Daily Beast -- said Newsweek would return to the URL www.newsweek.com in the coming weeks.
“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, co-founder and chief executive officer of 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. We look forward to working together to create a profitable and successful enterprise.”
The transaction is expected to close “in the coming days,” IBT said, after which IAC will continue to operate the property for a transition period of up to 60 days.
IBT Media said it planned to build on the Newsweek brand and editorial offering to grow the online franchise with readers worldwide. Foreign license agreements to publish Newsweek in international markets will remain in place.
IBT Media was founded in 2006 and has a portfolio of 10 international online news properties. Its brands include the International Business Times, Medical Daily, Latin Times and iDigitalTimes. The company’s sites get more than 30 million unique visitors per month, the company said.