IAC has confirmed reports that it's seeking a buyer for the hobbled newsweekly, which has already been sold twice in the past three years, then ended its U.S. print edition. In a memo, The Daily Beast editor Tina Brown and CEO Baba Shetty explained the rationale in a memo, saying that while Newsweek had become a "breakthrough digital product," it was a drain on the Beast.
"Newsweek is a powerful brand, but its demands have taken attention and focus away from The Daily Beast," they wrote.
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