Newsweek being sold to digital publisher IBT Media

Digital news group IBT Media over the weekend said that it will buy 80-year-old Newsweek from InterActiveCorp (IAC), the 8th largest digital network in the world, for an undisclosed sum.

The sale, which does not include The Daily Beast website, is expected to close in the coming days, after which IAC will continue to operate Newsweek for a transition period of up to 60 days.

Launched in 1933 and published from New York until 2012, Newsweek was the second-largest news weekly magazine in the US, behind Time for most of its existence.  It had a print circulation of 3 million in the early 1990s, but like other print publications, could not compete with free news from digital publications.

California billionaire Sidney Harman bought Newsweek in 2010 from The Washington Post Group for $1 and assumed debt of over $40 million. Newsweek later merged with IAC-owned The Daily Beast.

IAC announced in October 2012 that it would cease print publication of the Newsweek after the 31 December 2012 issue, and focus on The Daily Beast.

Newsweek will add to IBT Media's portfolio of 10 international online news properties, which includes International Business Times, Medical Daily, Latin Times and iDigitalTimes.

IBT Media was established in 2006 and is a digital-only news group which publishes International Business Times and UK arm International Business Times UK.

IBT's content   in 7 languages receives over 30 million unique visitors per month from around the world.

IBT said that it plans to build on the Newsweek brand and editorial offering to grow the online franchise with readers around the world. The weekly will operate as a wholly- owned subsidiary of IBT Media.

Etienne Uzac, co-founder and CEO of IBT Media said, ''We are thrilled to welcome this iconic brand and global news property into our portfolio. We believe in the Newsweek brand and look forward to growing it, fully transformed to the digital age. We respect the brand's long history of delivering high-quality, impactful journalism and believe this aligns well with IBT Media's culture and mission. We look forward to working together to create a profitable and successful enterprise.''

Johnathan Davis, co-founder and chief content officer of IBT Media said, ''We are 100% digital with a track record of successfully growing online media properties. The Newsweek brand is strong around the world and we believe there is significant potential to leverage that as well as enhance the editorial offering and continue to modernize the operations and approach. We are excited to add Newsweek to our portfolio of growing news brands and to pursuing the great opportunities ahead together.''

IAC is a leading media and Internet company focused in the core areas of search, applications, online dating, local and media. Ranked by Fortune magazine's annual standing of the world's most admired companies in the internet services and retailing sector for many years, IAC's network of sites has over a billion total monthly visits in more than 30 countries and is the 8th largest network in the world.