The deal is expected to close in approximately one week
A deal was signed for the sale of Newsweek to IBT Media on Saturday, according to The Newsweek Daily Beast Company.
The financial terms of the deal have not been disclosed.
Barry Diller's IAC is the majority-owner of Newsweek. Sidney Harman had purchased the publication for the grand total of $1 from The Washington Post Company in 2010. It later merged with IAC.
The closing of the deal is expected to occur within a week, interim CEO Rhona Murphy said. After that, there will be a transition period of up to 60 days, where the business will still be run by Newsweek.
During this period, IBT will be talking to current Newsweek staff about potential job opportunities at the new venture.
"We believe IBT will serve as an excellent new home in which Newsweek has the opportunity to thrive," Murphy said.
Etienne Uzac, co-founder and chief executive officer of IBT Media said, "We believe in the Newsweek brand and look forward to growing it, fully transformed to the digital age. We respect the brand's long history of delivering high-quality, impactful journalism and believe this aligns well with IBT Media's culture and mission."
IBT Media is a the publisher of the International Business Times, a digital news publications with an audience of more than 7 million monthly readers in the United States, 13 million worldwide. The publication is produced in 10 country editions and 7 different languages.
The Daily Beast side of the business remains untouched.