IBT Media, publishers of the International Business Times, are your new Newsweek owners. IBT is a digital-only company, so Newsweek will continue as it has since the print edition was folded. Financial terms of the deal were not disclosed.
In 2010, Sidney Harman purchased Newsweek from The Washington Post Company. Harman then entered into a partnership with Barry Diller and IAC. Tina Brown — editor of Newsweek and The Daily Beast — tried her best, but aside from generating some catchy/creepy covers, Newsweek continued to flounder. After the magazine was folded, Diller even admitted that being involved with Newsweek was a mistake.
IAC will operate Newsweek for the next 60 days, after that, it’s all IBT Media’s. For better or worse.