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IBT Media to acquire Newsweek from IAC
IBT Media announced that it has signed a definitive agreement to acquire Newsweek from IAC. Pursuant to the transaction, IBT Media will acquire the Newsweek brand and the operations of the online publication, not including The Daily Beast. Terms of the deal were not disclosed. The transaction is expected to close in the coming days, after which IAC will continue to operate the property for a transition period of up to 60 days.
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