Deals
IBT Media Buys Newsweek From Diller’s IAC After Online Shift
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IBT Media said it’s buying Newsweek from IAC/InterActiveCorp, splitting it from the Daily Beast brand, and plans to make it profitable.
IBT, owner of the International Business Times, 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 yesterday announcing the transaction.