Breaking News Bar
updated: 8/5/2013 7:09 AM

Newsweek to be purchased by IBT Media

hello
Success - Article sent! close
 
Associated Press

Newsweek is being sold for the second time in just a few years.

The owner of the International Business Times said it's buying what is now an online-only brand for an undisclosed sum from IAC/InterActiveCorp. The publication, which once had a fierce rivalry with Time magazine, ran its last print edition at the end of 2012.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

Newsweek had been struggling for years when The Washington Post Co. sold it for $1 in 2010 to stereo equipment magnate Sidney Harman, who died the following year. Before he died, Harman placed Newsweek into a joint venture with IAC's The Daily Beast website, a move intended to help widen its online audience.

IBT Media said the purchase doesn't include The Daily Beast. It said the deal will close in the coming days, with IAC operating Newsweek during a transition period of up to 60 days.

The company said Newsweek will return to the www.newsweek.com site in the coming weeks.

IBT was founded in 2006 and owns online publications including Medical Daily, Latin Times and iDigitalTimes.

IAC/InterActiveCorp., based in New York, is a media and Internet company with brands including Ask.com, About.com and Match.com. In a Bloomberg TV interview earlier this year, Barry Diller, chairman of IAC, called the purchase of Newsweek a "mistake."

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here