Tags: ibt | media | newsweek | purchase

IBT Media Buys Newsweek From Diller's IAC After Online Shift

Saturday, 03 Aug 2013 08:18 PM

 

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IBT Media is buying Newsweek from IAC/InterActiveCorp, splitting it from the Daily Beast brand.

IBT, an international digital-only news company, is acquiring Newsweek after the 80-year-old magazine shifted to online-only in January and lost its chief executive in June. Terms of the deal weren’t disclosed, according to a statement from IBT.

“We are thrilled to welcome this iconic brand and global news property into our portfolio,” said Etienne Uzac, co- founder and chief executive officer of IBT Media, in the statement. “We believe in the Newsweek brand and look forward to growing it, fully transformed to the digital age.”

IAC, run by Barry Diller, had purchased Newsweek as part of an agreement with the late Sidney Harman in November 2010 and combined it with his existing news website, the Daily Beast. The billionaire this year said he regretted the move and started looking for buyers.

“I wish I hadn’t bought Newsweek,” Diller told Bloomberg Television in an interview in April. He said it had become difficult to publish a weekly magazine at a time when news has become instantaneous.


© Copyright 2014 Bloomberg News. All rights reserved.

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