What’s left of Newsweek’s assets have been sold to IBT Media,
publishers of the International Business Times with ties to Southeast
Asia preacher David Jang, whose followers consider him the second coming of
Christ.
Newsweek stopped publishing in print a year ago and media mogul Barry
Diller combined Newsweek and The Daily Beast into a joint Internet venture.
Terms of the IBT deal were not disclosed.
IBT, a digital-only media company established in 2006 by Etienne
Uzac and Johnathan Davis, reaches more than 7 million readers in the U.S. and
13 million globally through news sites in 10 countries and 7 languages.
The Newsweek.com website, which folded as part of the merger
with The Daily Beast, will go live again under IBT.
Newsweek earned $30 million in
2007 and lost the same amount by 2009.
To read the entire article, click on http://www.buzzfeed.com/peterlauria/barry-dillers-newsweek-experiment-is-over
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