Newsweek sold to IBT Media
August 5 , 2013
Newsweek is being sold to an online news company after going all digital less than a year ago. IBT Media said it is was acquiring Newsweek and terms haven't been disclosed yet.
A memo to employees from Rhonda Murphy, interim CEP of the Newsweek Daily Beast Company read "We believe IBT will serve as an excellent new home in which Newsweek has the opportunity to thrive." The company had stopped its print publication on Dec. 31 and has a long history of delivering journalism.
Co-founder and chief executive officer of IBT Media said the company's history aligns well with IBT Media's mission.
Newsweek is supposed to return to its original URL 60 days after the deal closes.