Newsweek, the former weekly news magazine that now publishes online only, is being sold to digital news company IBT Media.
Terms of the deal, announced late Saturday, were not disclosed.
It's the latest shakeup over at Newsweek. In 2010, longtime owner the Washington Post Co. sold the newsweekly to stereo industry magnate Sidney Harman. A few months later, Harman merged Newsweek with the Daily Beast, an online website owned by IAC/InterActiveCorp, creating the Newsweek Daily Beast Co.
But Barry Diller, the billionaire chairman of IAC, has been vocal about his unhappiness with the Newsweek brand.
"I wish I hadn't bought Newsweek," Diller said in an interview with Bloomberg in April. "It was a mistake."
Newsweek, which was fast losing print readers, published its final print edition in December. These days it occupies its own section on the Daily Beast's website.
But IBT -- which will acquire the Newsweek brand and the operations of the online publication, not including the Daily Beast -- said Newsweek would return to the URL www.newsweek.com in the coming weeks.