- 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.
IAC selling Newsweek to IBT Media, likely at a loss
Aug 5 2013, 09:33 ET