IBT Media To Buy Newsweek From IAC

(RTTNews) - IBT Media, an international digital-only news company, on Saturday agreed to acquire Newsweek from InterActive Corp. (IACI). Terms of the deal were not disclosed.

As per the agreement, IBT Media will buy the Newsweek brand and the operations of the online publication, excluding The Daily Beast.

The deal is expected to close in the coming days, after which IAC will continue to operate the property for a transition period of up to 60 days.

Etienne Uzac, co-founder and chief executive officer of IBT Media said, "We are thrilled to welcome this iconic brand and global news property into our portfolio. We believe in the Newsweek brand and look forward to growing it, fully transformed to the digital age. We look forward to working together to create a profitable and successful enterprise."

Barry Diller's IAC purchased Newsweek from late Sidney Harman in November 2010 and combined it with the Daily Beast news website. Earlier this year, the billionaire said he regretted the move and started looking for buyers. Harman had acquired Newsweek from the Washington Post for $1 plus assumption of liabilities.

Newsweek, which will operate as a wholly owned subsidiary of IBT Media, will continue to serve its subscribers and deliver compelling and thought-provoking news and analysis. Foreign license agreements to publish Newsweek in International markets will remain in place, the company noted.

IBT, founded in 2006, said its brands are published by over 200 employees located in 10 countries and include International Business Times, Medical Daily, Latin Times and iDigitalTimes. IBT's content gives readers in 7 languages in 235 countries a window on current events, inspired perspectives, and useful information.

IACI closed the Friday's regular trading session at $49.72, down 0.36%.