NEW YORK ( TheStreet) -- IBT Media, an international digital-only news company, announced Saturday that it had reached an agreement with IAC (IACI - Get Report), a media and Internet company, to purchase Newsweek for an undisclosed price.
Newsweek, the 80-year-old magazine that switched to digital only production in conjunction with the Daily Beast at the beginning of this year, was being shopped around by Barry Diller, chairman and senior executive of IAC, after he said earlier this year that he regretted the November 2010 purchase of the title.
The deal is "expected to close in the coming days," according to a news release, and provides for a 60-day transition period. The Daily Beast is not part of the transaction.
"We are thrilled to welcome this iconic brand and global news property into our portfolio," Etienne Uzac, co-founder and CEO of IBT Media, said in a statement. "We believe in the Newsweek brand and look forward to growing it, fully transformed to the digital age. We respect the brand's long history of delivering high-quality, impactful journalism and believe this aligns well with IBT Media's culture and mission. We look forward to working together to create a profitable and successful enterprise."Rhona Murphy, interim CEO of the Newsweek Daily Beast Co., posted a statement on the Daily Beast website saying, "We believe IBT will serve as an excellent new home in which Newsweek has the opportunity to thrive." IBT Media owns 10 international online news properties, including the International Business Times, Medical Daily, Latin Times and iDigitalTimes.