Newsweek, which was previously owned by the Daily Beast, was sold to the International Business Times owner IBT Media, it was reported.
Capital New York, which broke the story on Saturday, reported that the sale was made. The publication cited a memo that was sent to its employees.
“Earlier today, a deal was signed for the sale of Newsweek and I am delighted to inform you that the new owner will be IBT Media, the publishers of the International Business Times,” the statement reads.
It added: “Effective as of the closing, which we expect to occur in approximately a week, there will be a transition period of up to 60 days, during which we will continue to run the business. IBT will be talking to staff during this time about potential job opportunities at the new venture and as we learn more about this process we will of course inform you and the Guild. Please reach out to Lauren Strada if you have any questions meanwhile.”
Matt Zeitlin with BuzzFeed News published a different statement from IBT on his Twitter feed.
“Foreign license agreements to publish Newsweek in International markets will remain in place,” a statement from IBT reads.
Newsweek was a weekly magazine published from 1933 to 2012. It merged with The Daily Beast in 2010 before it ceased print publication in 2012.
Barry Diller, the founder and chairman of Daily Beast owner IAC/Interactive Corporation, said in April that he “wished he hadn’t bought” Newsweek because of its financial situation. He also described the purchase as a “fool’s errand,” according to Bizjournals.com.
As of Saturday, the Daily Beast’s Newsweek section was still on its website.