International digital news company, IBT Media has said that it has reached an agreement to acquire Newsweek in an agreement with IAC.
Newsweek has been in circulation for more than eight decades and had move to the digital only platform in association with the Daily Beast at the beginning of this year. Barry Diller, chairman and senior executive of IAC had said that he regrets the decision to acquire the title in 2007. According to media reports, the deal is expected to close in the coming days.
Etienne Uzac, co-founder and CEO of IBT Media, said in a statement that, "We are thrilled to welcome this iconic brand and global news property into our portfolio. 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."
He also said that the company is looking to create a successful and profitable company after combining with Newsweek team. Rhona Murphy, interim CEO of the Newsweek Daily Beast has said that the IBT will provide an opportunity for Newsweek to grow in the coming time.