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Newsweek has been sold again, this time to IBT Media.
This is the third ownership change for the 80-year-old newsweekly since it was sold in 2010 by the Washington Post Co. to audio magnate Sidney Harman and then combined with IAC/Interactive’s Daily Beast under Tina Brown’s editorship.
Newsweek's been on a downward spiral for a while. This year, it stopped publishing in print, continuing on as a tablet edition. Its CEO Baba Shetty stepped down in June after less than a year, while high-profile staffers including Tunku Varadarajan, Andrew Sullivan and Howard Kurtz left in droves.