Completely web based media firm IBT on Sunday announced to buy Newsweek magazine from IAC, the owner of the Daily Beast, news agency STT reported quoting AFP.
But the transaction details are not known yet as it will only be executed soon.
“We believe in Newsweek's brand and we want to grow it and bring it fully into the digital age,” said IBT Media CEO Etienne Uzac.
Prestigious Newsweek has been heavily in debt. The Washington Post had sold the magazine in 2010 for one dollar price to a Californian millionaire Sidney Harman.
Journal was transferred completely to the network late last year.
After 80 years, Newsweek became a digital-only publication amid falling ad revenues as audiences moved online, said BBC.
