On Saturday, IBT Media, publisher of the International Business Times, agreed to purchase Newsweek magazine from IAC. According to The Daily Beast, IBT isa global news publication founded by Etienne Uzac and Jonathan Davis in 2006. It produces editions for ten separate countries in seven different languages. It reaches 13 million people around the world each month.
The sale marks the next step in the evolution of the weekly magazine. In May 2010, the Washington Post Company announced it was putting the title up for sale. Newsweek was ultimately sold to Sidney Harman, the philanthropist and founder of the Harman Kardon electronics company, for the symbolic price of $1 in the summer of 2010. In November of that year, Newsweek announced it would merge with The Daily Beast, bringing the magazine under the joint ownership of Harman and IAC. Harman died in the spring of 2011, and his family members decided in the summer of 2012 to cap their investment in the venture, making IAC the controlling owner.
Under new ownership, Newsweek reversed ad-page sales from a 40-percent decline to a 6-percent increase between 2010 and 2012, and saw a 20-percent increase in renewal rates. But with the economics of publishing continuing to shift, and the advertising-supported model of weekly news magazines facing challenges, Newsweek announced it would transition to an all-digital magazine last fall. The last print edition appeared in December 2012. At the end of April, IAC announced it was putting Newsweek up for sale.
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