Newsweek to be purchased by IBT Media

Associated Press + More

NEW YORK (AP) — Newsweek is being sold for the second time in just a few years.

The owner of the International Business Times says it's buying what is now an online-only brand for an undisclosed sum from IAC/InterActiveCorp. The publication, which once had a rivalry with Time magazine, ran its last print edition at the end of 2012.

Newsweek had been struggling for years when The Washington Post Co. sold it for $1 in 2010 to stereo equipment magnate Sidney Harman, who died the following year. Before he died, Harman placed Newsweek into a joint venture with IAC's The Daily Beast website, a move intended to help widen its online audience.

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