The Newsweek brand is changing hands once again, on Saturday the venerable 80-year-old weekly magazine announced that it will soon be acquired by IBT Media owners of the International Business Times for an undisclosed amount from the soon to be previous owners IAC/InterActive.
IBT founder Etienne Uzac and former engineer Johnathan Davis commented on Newsweek in a phone call saying “It has a long legacy of thought-provoking coverage, great news and analysis, and it’s a global brand as well that fits with our global perspective, Newsweek opens up a lot of doors on the business front.” Johnathan Davis also said “A lot of what we’ve seen that works we can bring to Newsweek off the cuff, We believe it needs to be more Web-friendly and responsive.”
This will be the third time that Newsweek has changed hands since it was sold in 2010 by the Washington Post Company to billionaire investor Sidney Harman for $1 and assumed $40 million in liabilities, he then shortly after merged Newsweek with Daily Beast under the editorship of Tina Brown.
Later in 2011, Sidney Harman died, leaving IAC and editor Tina Brown to handle the burden of keeping the Newsweek functioning. At the end of winter 2012 Newsweek published its final print edition and Tina Brown directed the company to focus on building up The Daily Beast into a large online news platform to entice buyers for the upcoming sale of the company.
Etienne Uzac also said in a statement “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.”
About the Author
James Rush is the News Editor for TFM.