Newsweek has been acquired by the International Business Times for an undisclosed amount, IBT announced on Saturday.
The acquisition of the digital-only magazine is expected to close in the next few days, IBT said. For two months, the publication will continue to be run IAC, Newsweek’s current owners.
The news was first made public by Capital New York on Saturday, prompting IBT to confirm the news a short time later.
Newsweek was merged with The Daily Beast in 2010 shortly after it was acquired by IAC from the Washington Post. In late 2012, Newsweek announced it would stop printing, transitioning to an all-digital format distributed online and via tablet computers.
In February, the Newsweek Daily Beast Company became “NewsBeast.” The name never really caught on, as the company still refers itself to “Newsweek Daily Beast Company” in official copyright notices.
IBT co-founders Johnathan Davis and Etienne Uzac had been contemplating an acquisition of Newsweek “over the last two years,” according to BuzzFeed’s Peter Lauria. The sale of Newsweek to IBT does not include The Daily Beast, the company said on Saturday. IBT plans to relaunch Newsweek.com “in the coming weeks.”