IBT Media, a digital-only media company, is to acquire Newsweek from IAC/InterActive, which took over the venerable title in 2010, stopped its print edition and relaunched it as a digital-only magazine earlier this year.
IBT Media said the deal did not include the online news and commentary site The Daily Beast, which IAC had acquired along with Newsweek.
It said the transaction was expected to close in the coming days, after which IAC would continue to operate the property for a transition period of up to 60 days.
“We believe in the Newsweek brand and look forward to growing it, fully transformed to the digital age,” IBT Media chief executive Etienne Uzac said.
IBT Media has a portfolio of 10 international online news properties including International Business Times and Latin Times.
City A.M. Reporter