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Post by bot on Aug 4, 2013 11:42:27 GMT -5
Newsweek to be sold to IBT Media NEW YORK (MarketWatch) -- IBT Media has agreed to buy Newsweek from IAC/InterActive Corp. in a deal that is expected to close in the coming days. The terms of the transaction weren't made public, according to a press release from IBT Media on Saturday. "We believe in the Newsweek brand and look forward to growing it, fully transformed to the digital age," said Etienne Uzac, co-founder and chief executive officer of IBT Media, in a statement Saturday. Newsweek, once a leading news magazine in the U.S., suffered plummeting printed-copy sales and became fully digital in December under IAC. The acquisition by IBT Media, which owns publications such as the International Business Times, does not include The Daily Beast and the Newsweek website will return to www.newsweek.com. IAC bought Newsweek in 2010 and combined its operations with The Daily Beast.
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