Newsweek Is Up For Sale — Again

Wednesday, 29 May 2013 12:09 PM

By Courtney Coren

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Newsweek apparently is on the chopping block again, according to Variety.

The entertainment publication reports that IAC has sent out inquiries to possible buyers of the now all-digital magazine, which ended its 79-year weekly print run late last year.

According to Variety, IAC bought the publication from the Washington Post Co. in 2010 for just $1, and assumed all its liabilities. Like that sale, the price now is expected to be negligible, even though the current liabilities may not be.

Barry Diller, IAC chairman and senior executive, expressed frustration with the purchase in April, according to Variety, telling Bloomberg TV "it was a mistake" and a "fool's errand." At the time, Variety noted, Diller said he hd no "great expectations" that the digital Newsweek would be successful.

According to Variety, IAC reported a first-quarter loss this year of $8.8 million among its media websites, which include News Beast, a site that combines the Newsweek and Daily Beast online operations.


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