Barry Diller was finally able to correct a mistake on Saturday when the business mogul finally sold the digital remains of Newsweek to IBT media, the owners and publishers of the International Business Times. Maybe there's something in the air. News of the sale was nearly simultaneously reported by Capital New York's Tom McGovern and Joe Pompeo, Buzzfeed's Peter Lauria and The Hollywood Reporter's Erik Hayden on Saturday evening.
How much did IBT pay for the old weekly news magazine? No one knows. The price can't be much lower than when it last changed hands. Sidney Harmon and Barry Diller's IAC/Interactive paid $1 for the magazine and its liabilities when they bought it from The Washington Post Company in 2010. IAC/InterActive chairman Barry Diller has been running the magazine ever since, merging it with The Daily Beast and installing former Vanity Fair editor Brown as the editor of both properties. Despite the buzz created by Brown's Newsweek covers, it ceased publishing in December.
But the former staple of every dentist's office has been struggling from the get go, and Diller was honest about regretting the purchase. "I wish I hadn’t bought Newsweek," Diller told Bloomberg in April. "It was a mistake." Earlier this week, the New York Post reported billionaire Jay Penske, the owner of Variety and Deadline.com, was "kicking the tires" about a potential Newsweek sale.