Newsweek Dealt Again In Sale To Online-Only IBT Media

Law360, New York (August 5, 2013, 2:35 PM EDT) -- Web-focused IBT Media has agreed to scoop up Newsweek and will split it off from its sister site, The Daily Beast, in an attempt to recapture a portion of its once-commanding share of the news market, the firm said late Saturday.

The deal will lift ownership from media magnate Barry Diller's IAC/InterActiveCorp, under whose ownership Newsweek — once among the most-read news magazines — shifted to an all-digital publication after 80 years on newsstands amid plunging readership and sluggish ad revenues. Financial terms were not disclosed....
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