All-digital news publisher IBT Media has acquired US publication Newsweek. The deal was made public through an official company statement released on August 3. The statement revealed that the transaction will be closed in the coming days.
IBT shall acquire rights of the Newsweek brand and operations of the online publications of IAC. The financial terms of the deal have not been disclosed yet.
According to reports, IBT plans to run Newsweek as online only. This has been the third ownership change for Newsweek since its inception. There is no clarity on whether IBT will acquire the liabilities of the publication as well. A press release from IBT is expected to clear the air.
Newsweek shifted to online this January. It lost its chief executive in June.
In the 1990s, Newsweek was one of the most influential publications in the US. It was initiated by a former Time magazine reporter and reached print circulation of three million in 1990.
In 2010, California-based Sidney Harman bought Newsweek from The Washington Post Group. It was then merged with The Daily Beast owned by IAC.