6 Aug 2013

Newsweek magazine sold to digital news company

9:41 am on 6 August 2013

The former US magazine Newsweek has been sold to a US digital news company.

IBT Media will buy what is left of the magazine, which published its last print edition in December, for an undisclosed price.

Newsweek became a digital-only publication amid falling ad revenues as audiences moved online.

It was last sold by the Washington Post for $US1 in 2010 and merged with the Daily Beast website. The BBC reports the Daily Beast is not part of the deal.

IBT Media said the newsweek.com web address will be revived in the coming weeks.

Newsweek's first edition was published on 17 February 1933. At its height, it had a circulation of three million.

IBT was set up in 2006 and publishes International Business Times, Medical Daily, Latin Times and iDigitalTimes, giving content in seven languages in 235 countries.