The former US current affairs magazine Newsweek has been sold to digital news firm IBT Media.
IBT adds Newsweek to its digital media stable
IBT Media is buying what’s left of Newsweek, which published its last issue in December, from owner IAC for an unknown price. After 80 years, the magazine became a digital-only publication amid declining ad profits as audiences turned online.
The Washington Post sold Newsweek for $1 in 2010 and merged with the Daily Beast website. The Daily Beast, a news site co-founded by Tina Brown In 2008, will not be sold to IBT Media as part of the agreement.
‘To create a profitable and successful enterprise’
IBT Media said the www.newsweek.com web address would return in the coming weeks.
Newsweek’s first edition was released in February 1933 and had a circulation of three million but later saw declining readership and ad revenue.
“We believe in the Newsweek brand and look forward to growing it, fully transformed to the digital age,” said Etienne Uzac, co-founder and chief executive of IBT Media.
“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.”