Sold: Newsweek

Iconic magazine had been up for sale since May, goes to IBT Media
By Polly Davis Doig,  Newser Staff
Posted Aug 4, 2013 10:02 AM CDT
Sold: Newsweek
In this Nov. 1, 1976, file photo, covers of Newsweek are photographed in New York.   (AP Photo/Suzanne Vlamis)

First Newsweek was unloaded for a dollar. Then it merged with the Daily Beast. Then it underwent a series of scandals over dubious cover choices and fact-checking. Then it ended its print edition. In the latest step for the once-iconic magazine, Barry Diller's IAC has sold Newsweek to IBT Media, which publishes the International Business Tribune. It's "a much different publication" than the one the Washington Post Company sold for a buck in 2010, writes Daniel Gross at the Daily Beast. It has a much smaller staff, lighter overhead, and burgeoning digital subscriptions have helped it stem the bloodletting.

“Newsweek is a powerful brand, and we believe we can continue to build on that legacy,” says IBT co-founder Jonathan Davis. “We’re looking forward to building this into a successful enterprise.” The sale price was not disclosed, notes the Wall Street Journal. The deal is expected to close within a week. (More Newsweek stories.)

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