Digital company buying US publication Newsweek

August 4, 2013
The InterActiveCorp (IAC) Building in New York October 18, 2012. The once-influential US publication Newsweek, now owned by IAC, is being sold to the all-digital news publisher IBT Media, the company said.

The once-influential US publication Newsweek is being sold to the all-digital news publisher IBT Media, the company said.

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 of IBT Media.

Launched by a former Time magazine reporter in 1933, Newsweek reached a print circulation of three million by the early 1990s and published regional editions around the world.

However the magazine, like other , struggled to cope with the flood of instant and often free news in the digital world and saw its revenue steadily decline.

In 2010 California billionaire Sidney Harman bought Newsweek from The Washington Post Group for a symbolic $1, and took over $40 million in liabilities. Newsweek then merged with The Daily Beast, owned by IAC.

The magazine ended its weekly print edition in December 2012, 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. They say they have 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.

IBT Media co-founder and chief content officer Johnathan Davis said that the Newsweek brand "is strong around the world and we believe there is significant potential to leverage that as well as enhance the editorial offering and continue to modernize the operations and approach."

Explore further: Newsmax out of Newsweek bidding, deadline for bids expires

Related Stories

Newsweek likely to become digital magazine

July 25, 2012

The company operating the US magazine Newsweek indicated Wednesday the venerable publication is likely to go digital to stem its losses and could undergo other changes by next year.

Hashtag symbolizes end of an era for Newsweek

December 24, 2012

Almost 80 years after first going to print, the final Newsweek magazine hit newsstands Monday featuring an ironic hashtag as a symbol of its Twitter-era transition to an all-digital format.

Newsweek company renames as 'NewsBeast'

February 2, 2013

The operator of the erstwhile news magazine Newsweek, which became a solely digital publication last year after 80 years in print, officially became "NewsBeast" on Friday, its parent company said.

Recommended for you

Roboticists learn to teach robots from babies

December 1, 2015

Babies learn about the world by exploring how their bodies move in space, grabbing toys, pushing things off tables and by watching and imitating what adults are doing.

Xbox gaming technology may improve X-ray precision

December 1, 2015

With the aim of producing high-quality X-rays with minimal radiation exposure, particularly in children, researchers have developed a new approach to imaging patients. Surprisingly, the new technology isn't a high-tech, high-dollar ...

Making 3-D imaging 1,000 times better

December 1, 2015

MIT researchers have shown that by exploiting the polarization of light—the physical phenomenon behind polarized sunglasses and most 3-D movie systems—they can increase the resolution of conventional 3-D imaging devices ...


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.