08.03.13 10:52 PM ET
Newsweek Sold to IBT Media
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.
IBT is a growing digital global news publication that delivers international business news to an audience of over 7 million in the U.S. and 13 million people worldwide every month through its network of digital publishing platforms. It is produced in 10 country editions in 7 different languages, offering in-depth coverage that is relevant and specific to each market.
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.
We believe IBT will serve as an excellent new home in which Newsweek has the opportunity to thrive.
Rhona Murphy | Interim CEO
The Newsweek Daily Beast Company