In an announcement, IBT Media confirmed that it had reached a deal that acquires Newsweek from IAC/InterActiveCorp. Excluded in the deal is the website the Daily Beast and the confirmation closes weeks of disccussions and speculation as to the future of the iconic brand that had become online property only earlier this year.
IBT Media is the parent company of ten other online news brands. The privately held firm also owns the International Business Times. The websites of the firm is able to attract more than 30 million unique visitors each month. Ironically, the New York headquarters of IBTimes is in the same address as the Newsweek offices located at No,7 Hanover Square in the Manhattan.
There were no financial terms disclosed on the deal. According to IBT Media co-founders and owners, CEO Etienne Uzac and Chief Content Officer Jonathan Davis both said the global recognition of the Newsweek brand is what prompted them to undertake the acquisition.
Uzac said, "Newsweek is recognizable worldwide, not just in the US. It's known by more than a billion people. Having a brand that kind of global recognition will open doors for IBT, which is growing but still a young company."
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