Newsweek Sold to IBT Media

Newsweek magazine is to be sold to IBT Media, the publishers of the International Business Times, the company announced Saturday. The closing of the sale is expected to happen within a week, and there will then be a transition period of 60 days. IBT Media delivers international business news to an audience of over 7 million in the U.S. and over 13 million worldwide every month. "We believe IBT will serve as an excellent new home in which Newsweek has the opportunity to thrive," read a memo to employees from Rhona Murphy, the Interim CEO of Newsweek Daily Beast Company. Newsweek merged with IAC in 2010 and moved to an all-digital format in 2012.