International Business Times owner buys Newsweek from Daily Beast

IBT Media is buying Newsweek from IAC, which will split it from the Daily Beast brand and announced plans to make it profitable.

IBT, owner of the International Business Times, is acquiring Newsweek after the 80-year-old magazine shifted to online-only in January and lost its chief executive in June.

According to the Washington Post, IAC purchased Newsweek as part of an agreement with the late Sidney Harman in November 2010 and combined it with the Daily Beast news website.

Harman had acquired Newsweek from The Washington Post for one dollar plus assumption of liabilities, the report added.