IBT Media, the online-news company that acquired Newsweek from IAC/InterActiveCorp last month, named former Thomson Reuters Corp. editor Jim Impoco as the magazine’s new chief.
Impoco will become Newsweek editor-in-chief after spending four years as an enterprise editor and executive editor at Thomson Reuters Digital, according to a statement today. He previously worked at Conde Nast Portfolio, the New York Times and Fortune magazine.
IAC sold Newsweek in August for an undisclosed sum after struggling to integrate the 80-year-old publication with its Daily Beast website. In a bid to pare losses, Newsweek became an online-only magazine at the beginning of 2013. IBT, owner of the International Business Times, said last month it plans to make the publication profitable again as a digital brand.
“Jim has a remarkable track record of leadership in journalism and a deep understanding of the digital industry, which is the exactly what will take Newsweek to the next level,” Etienne Uzac, co-founder and chief executive officer of IBT Media, said in today’s statement. “We look forward to his many contributions as editor-in-chief.”
IAC, controlled by Barry Diller, purchased Newsweek as part of an agreement with the late Sidney Harman in November 2010. The billionaire said earlier this year that he regretted the move and started looking for buyers. Under its agreement with IBT, it will continue operating Newsweek until Oct. 1.
“I wish I hadn’t bought Newsweek,” Diller told Bloomberg Television in an interview in April. Publishing a weekly magazine at a time when news has become instantaneous is a “fool’s errand,” he said.