IBT Media to Acquire Newsweek from IAC
IBT Media announced Saturday that it has signed a definitive agreement to acquire Newsweek from IAC/InterActiveCorp. (NASDAQ: IACI). Pursuant to the transaction, IBT Media will acquire the Newsweek brand and the operations of the online publication, not including The Daily Beast. Terms of the deal were not disclosed. The transaction is expected to close in the coming days, after which IAC will continue to operate the property for a transition period of up to 60 days.
Etienne Uzac, co-founder and chief executive officer of IBT Media said, "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. We look forward to working together to create a profitable and successful enterprise."
IBT Media plans to build on the Newsweek brand and editorial offering to grow the online franchise with readers around the world. Newsweek will operate as a wholly owned subsidiary of IBT Media. Newsweek will continue to serve its subscribers and deliver compelling and thought-provoking news and analysis. Foreign license agreements to publish Newsweek in International markets will remain in place.
Johnathan Davis, co-founder and chief content officer of IBT Media said, "We are 100% digital with a track record of successfully growing online media properties. The Newsweek brand is strong around the world and we believe there is significant potential to leverage that as well as enhance the editorial offering and continue to modernize the operations and approach. We are excited to add Newsweek to our portfolio of growing news brands and to pursuing the great opportunities ahead together."
Newsweek, which will return to the URL http://www.newsweek.com in the coming weeks, will add to IBT Media's portfolio of 10 international online news properties. IBT's brands are published by over 200 employees located in 10 countries and include International Business Times, Medical Daily, Latin Times and iDigitalTimes. IBT's content gives readers in 7 languages in 235 countries a window on current events, inspired perspectives, and useful information. The company's sites receive over 30 million unique visitors per month, and growing. IBT Media was founded in 2006.
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