Digital group buys Newsweek
Print Edition
The once-influential United States publication Newsweek is being sold to the all-digital news publisher IBT Media, the company said on Saturday.
Terms of the deal were not disclosed as the transaction is expected to close “in the coming days,” the IBT statement read.
IBT Media is acquiring Newsweek and the publication’s online operations from IAC/InterActiveCorp. The purchase does not include The Daily Beast, also owned by IAC.
“We believe in the Newsweek brand and look forward to growing it, fully transformed to the digital age,” said Etienne Uzac, co-founder and chief executive officer of IBT Media.
Launched by a former Time magazine reporter in 1933, Newsweek reached a print circulation of 3 million by the early 1990s and published regional editions around the world.
However, the magazine, like other print publications, struggled to cope with the flood of instant and often free news in the digital world and saw its revenue steadily decline in recent years.
In 2010 California billionaire Sidney Harman bought Newsweek from The Washington Post Group for a symbolic US$1, and took over US$40 million in liabilities. Newsweek then merged with The Daily Beast.
The magazine ended its weekly print edition last December, and IAC announced in May that it would sell Newsweek to concentrate on The Daily Beast.
IBT Media, founded in 2006, operates online news sites that include International Business Times, Medical Daily, Latin Times and iDigitalTimes. It says it has more than 30 million unique visitors to those sites each month.
“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 said.
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