Barry Diller, chairman of IAC/InterActiveCorp, said he’s exploring a sale of Newsweek, the magazine that went online-only this year, after concluding he erred in merging it with the Daily Beast website.
Newsweek, owned by Barry Diller’s IAC/InterActiveCorp, will become an online-only publication next year, ending 80 years as a print magazine.
IBT Media, the online-news company that acquired Newsweek from IAC/InterActiveCorp last month, named former Thomson Reuters Corp. editor Jim Impoco as the magazine’s new chief.
Washington Post Co. is exploring a sale of Newsweek magazine, the money-losing publication it has owned since 1961, as readers defect to Internet competitors.
Baba Shetty, chief executive officer of Newsweek/Daily Beast Co., is stepping down a week after owner Barry Diller said he was putting the now-online-only Newsweek magazine up for sale.
IBT Media said it’s buying Newsweek from IAC/InterActiveCorp, splitting it from the Daily Beast brand, and plans to make it profitable.
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