IBT Media to buy Newsweek

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New York—IBT Media, owner of the International Business Times, has agreed to acquire the Newsweek brand and operations from IAC/InterActiveCorp. Financial terms of the deal were not disclosed. IAC will retain its ownership of news and opinion website The Daily Beast. Newsweek will return to the URL in the coming weeks and operate as a wholly owned subsidiary of IBT Media, the company said in a statement. IBT publishes 10 international online news properties in seven languages. Newsweek has been online-only since it ceases print publication in December. Washington Post Co. sold Newsweek in 2010 to Sidney Harman, founder of the Harman Kardon electronics company. Later that year, Newsweek was merged with The Daily Beast under joint ownership of Harman and IAC. IAC became the controlling owner after Harman's death in 2011.
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