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Newsweek Bought by Digital News Company IBT Newsweek, Sold in 2010, Is Changing Hands Again
(about 1 hour later)
Newsweek, the once venerable 80-year-old weekly magazine that suffered a precipitous decline in recent years, has been bought by the digital news company International Business Times for an undisclosed amount.Newsweek, the once venerable 80-year-old weekly magazine that suffered a precipitous decline in recent years, has been bought by the digital news company International Business Times for an undisclosed amount.
The announcement, which first was reported by The Hollywood Reporter, was made on Saturday evening. Etienne Uzac, co-founder and chief executive officer of IBT Media, said in a statement, “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.” The announcement, which was first reported by The Hollywood Reporter, was made on Saturday evening. Etienne Uzac, co-founder and chief executive officer of IBT Media, said in a statement: “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.”
Justine Sacco, a spokeswoman for IAC/InterActiveCorp, which currently owns Newsweek, confirmed the sale. But she declined to comment further on the agreement. Justine Sacco, a spokeswoman for IAC/InterActiveCorp, which currently owns Newsweek, confirmed the sale, but declined to comment further.
At Newsweek’s peak in 1991, when it was owned by The Washington Post Company, its circulation was at 3.3 million, according to the Alliance for Audited Media. But the magazine suffered many of the troubles facing the print media industry as more readers migrated to digital media for news. At Newsweek’s peak in 1991, when The Washington Post Company owned it, its circulation was 3.3 million, according to the Alliance for Audited Media. But the magazine suffered many of the troubles facing the print media industry as more readers migrated to the Web for news.
Sidney Harman, a billionaire investor, bought Newsweek from The Washington Post in 2010 for $1 and assumed $40 million in liabilities. He then merged it with The Daily Beast, the Web site owned by IAC/InterActiveCorp. Both entities were run by Tina Brown, veteran of magazines like The New Yorker, Vanity Fair and Talk. Sidney Harman, a billionaire investor, bought Newsweek from The Washington Post in 2010 for $1 and assumed $40 million in liabilities. He then merged it with The Daily Beast, the Web site owned by IAC/InterActiveCorp. Both entities were run by Tina Brown.
But in 2011, Mr. Harman died, leaving IAC and Ms. Brown to handle the burden of keeping the magazine afloat. Last fall, Newsweek announced it would stop publishing a print edition at the end of the year. In May, Ms. Brown told her staff in an internal memo that the company planned to sell now to concentrate on building up The Daily Beast. But in 2011, Mr. Harman died, leaving IAC and Ms. Brown to handle the burden of keeping the magazine afloat. Last fall, Newsweek announced that it would stop publishing a print edition at the end of the year. In May, Ms. Brown told her staff that the company planned to sell now to concentrate on building up The Daily Beast.
A statement released by IBT stressed that the sale did not involve the purchase of The Daily Beast. It also noted that the company planned to return Newsweek to its original Web site, www.newsweek.com, in the coming weeks and build Newsweek’s global online franchise.A statement released by IBT stressed that the sale did not involve the purchase of The Daily Beast. It also noted that the company planned to return Newsweek to its original Web site, www.newsweek.com, in the coming weeks and build Newsweek’s global online franchise.
"We are 100% digital with a track record of successfully growing online media properties,” said Johnathan Davis, co-founder and chief content officer of IBT Media in a statement. “The Newsweek brand is strong around the world and we believe there is significant potential to leverage that.” “We are 100% digital with a track record of successfully growing online media properties,” said Johnathan Davis, co-founder and chief content officer of IBT Media, in a statement. “The Newsweek brand is strong around the world, and we believe there is significant potential to leverage that.”