Inter Active Corp (IAC) is reportedly looking forward to put Newsweek
on sale again after nearly six months of shutting down the 80-year-old print edition of the magazine, according to a leaked memo.
The now all-digital magazine, Newsweek merged with the online news site, The Daily Beast in 2010, although each continues to have its own brand, News.com.au reports.
According to the report, the first report on the possible sale came from Variety, which quoted unnamed sources familiar with the intentions of parent company IAC.
Newsweek chief Baba Shetty and editor-in-chief Tina Brown have said that Newsweek is a powerful brand but its constant demands have taken people’s focus away from The Daily Beast, adding that they wanted to develop a digital product which would result in a breakthrough.
The Washington Post sold Newsweek to California billionaire Sidney Harman for one dollar in 2010, ahead of a deal with IAC to merge the magazine with The Daily Beast to be familiarly known as the ‘Newsbeast’.
Newsweek had accumulated more than 70 million dollars in losses over the prior two years at the time of its sale in 2010.
The second-largest weekly news magazine in the United States had been grappling to make its print publication survive with a steep drop in print advertising revenue, steadily declining circulation and the migration of readers to free news online. (ANI)