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IAC Seeking Buyers for Newsweek (Variety)
Newsweek appears to be on the block — again. According to sources who have been briefed, IAC is sending out inquiries to prospective buyers who may be interested in purchasing the 80-year-old title, which ended weekly publication of its domestic edition late last year in favor of a digital-only format. A revamped Newsweek.com launched earlier this month. Adweek At this point, Newsweek’s decline and predicted demise are well-trod ground. The once-venerable Newsweek used to have a circulation topping 3 million, but had fallen to less than half of that when it went digital-only this year. The move would save IAC money and enable Newsweek to make good on the copies it owed subscribers (Newsweek carried a $30 million circulation liability), but no one in their right mind expected a paid, digital magazine to be a viable option. Politico / Dylan Byers on Media In April, Diller said he regretted buying the magazine. “‘I wish I hadn’t bought Newsweek, it was a mistake,” he told Bloomberg TV. He also said he did not have “great expectations” for the digital version, which, like The Daily Beast, is edited by Tina Brown. Read more
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