IBT Media to Buy Newsweek From Diller's IAC

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Aug. 5 (Bloomberg) -- IBT Media said it’s buying Newsweek from IAC/InterActiveCorp, splitting it from the Daily Beast brand, and plans to make it profitable. Bloomberg's Edmund Lee reports on Bloomberg Television's "Bloomberg West." (Source: Bloomberg)

The interactive chairman barry diller has called his deal to buy newsweek a mistake and now he is getting rid of it by selling it to the international owner of the business times.

Newsweek recently became an online-only title.

It was not possible to print it any longer.

So, we said we will offer a digital project -- product.

We have a very solid newsroom and we will see.

I do not have great expectations.


I wish i had not bought newsweek.

It was a mistake.

Frankness from barry diller.

For more on the decision to buy newsweek, i bring in edmund lee.

First of all, what is ibt question mark they are not exactly a household name.

What do we know what they are going to do with the title question mark contrast that to barry diller.

You have to love him for his frankness saying it was a mistake.

They are going to take is digital-only as it has been here in his is an expensive prospect for anyone.

What we are really looking at is that this is the end of newsweek.

That is probably the said no to all of this.

There was some great journalism for many years, but so many of the great journalists gone from there, is there a notion of what kind of magazine this will be going or word based on what they have done in the past?

If you check out their website, they tend to aggregate a lot of news that is already out there.

Frankly, nothing that drives tons of readership or does not really have a sensibility or a character to it that newsweek had.

It'll be interesting to see what they do.

There's not any clarity as to what their plans are, if they will add new sections.

How they will drive viewers and advertising.

These guys were unable to figure it out, either.

I do not know if they -- what they know that the rest of them do not.

I cut my teeth at time incorporated.

It was well respected.

It was a great magazine over and over again.

I wonder what this means for time, a company about to be spun out there... this means for them.

The difference is that with time and all these other titles, there are ranks of magazines they can put together and sell across all of them.

That will shoulder the burden.

Newsweek's problem is it was a standalone.

It always had a harder time generating the advertising dollars.

Time had a much bigger circulation, too.

This text has been automatically generated. It may not be 100% accurate.


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