International Business Times buys Newsweek.com
International Business Times (IBT) is buying the online property of Newsweek, newsweek.com. The site will return to the www.newsweek.com site in the coming weeks. IBT is specialized in publishing online properties. Its portfolio includes the Latin Times.
The terms of the deal were not disclosed. The IBT is buying the property from IAC/InterActiveCorp.
Newsweek had been struggling for years when The Washington Post Co. sold it for $1 in 2010 to stereo equipment magnate Sidney Harman, who died the following year. Before he died, Harman placed Newsweek into a joint venture with IAC's The Daily Beast website, a move intended to help widen its online audience.
IBT Media said the purchase doesn't include The Daily Beast.
IBT was founded in 2006 and owns online publications including Medical Daily, Latin Times and iDigitalTimes.
IAC/InterActiveCorp., based in New York, is a media and Internet company with brands including Ask.com, About.com and Match.com. In a Bloomberg TV interview earlier this year, Barry Diller, chairman of IAC, called the purchase of Newsweek a "mistake."