IBT Media to acquire Newsweek

An international digital-only news company located in ten countries with their flagship titles International Business Times, Medical Daily, Latin Times and iDigitalTimes, IBT Media announced that it has signed a definitive agreement to acquire Newsweek from IAC (InterActiveCorp). Pursuant to the transaction, they shall acquire the Newsweek brand and the operations of the online publication, not including The Daily Beast. The transaction 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. IBT Media plans to build on the Newsweek brand and editorial offering to grow the

online franchise with readers around the world. Newsweek will operate as a wholly owned subsidiary of IBT Media. Newsweek will continue to serve its subscribers and deliver compelling and thought-provoking news and analysis. However, foreign license agreements to publish Newsweek in International markets will remain in place.