IAC selling Newsweek to IBT Media, likely at a loss

|By:, SA News Editor

International Business Times publisher IBT Media is buying Newsweek from InterActiveCorp (IACI -0.4%), but not online news publication The Daily Beast (part of the Newsweek Daily Beast JV). Terms are undisclosed.

Barry Diller has openly regretted buying Newsweek, whose shift to a digital-only model didn't do much to reverse its fortunes, and Variety reported the unit was on the block in May.

Even if IAC received minimal proceeds for the sale (quite possible), ridding itself of Newsweek could still be a positive, given the business' liabilities and track record of operating losses.