Newsweek magazine is to be sold to IBT Media, the publishers of the International Business Times, the company announced Saturday. The closing of the sale is expected to happen within a week, and there will then be a transition period of 60 days. IBT Media delivers international business news to an audience of over 7 million in the U.S. and over 13 million worldwide every month. "We believe IBT will serve as an excellent new home in which Newsweek has the opportunity to thrive," read a memo to employees from Rhona Murphy, the Interim CEO of Newsweek Daily Beast Company. Newsweek merged with IAC in 2010 and moved to an all-digital format in 2012.