IBT Media is buying Newsweek from IAC, which will split it from the Daily Beast brand and announced plans to make it profitable.
IBT, owner of the International Business Times, is acquiring Newsweek after the 80-year-old magazine shifted to online-only in January and lost its chief executive in June.
According to the Washington Post, IAC purchased Newsweek as part of an agreement with the late Sidney Harman in November 2010 and combined it with the Daily Beast news website.
Harman had acquired Newsweek from The Washington Post for one dollar plus assumption of liabilities, the report added.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app