IBT Media snaps up Newsweek remnants
IBT Media, a US digital media firm, has announced that it has bought the remnants of Newsweek, the one-time news stand regular but now digital only, for an undisclosed sum.
Despite an 80 year heritage the title suffered an exodus of readers and advertisers, precipitating its demise in December.
No figure for the transaction has been given but the brand was valued at a mere $1 in 2010 when it was sold by the Washington Post and merged with the Daily Beast.
The Daily beast is not included in the deal and IBT have no plans to resurrect the title, instead they will simply take possession of the Newsweek.com domain.
Etienne Uzac, co-founder and chief executive of IBT Media , said: “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."