Newsweek ran what its "final" print issue on 31 December 2012, in a move designed to save the company $40m a year. An online-only magazine called Newsweek Global was introduced in its place.
Newsweek has undergone multiple restructures since its 1991 peak of 3.3m readers. After 49 years of ownership, The Washington Post Company sold Newsweek to audio equipment billionaire Sidney Harmanfor $1 in 2010. Harman also assumed at least $40m in liabilities with the purchase.
The magazine was then merged with The Daily Beast, whose editor Tina Brown took over. She sold the company to IBT Media in August.
IBT Media is the proprietor of digital publication The International Business Times, founded in 2006 by Etienne Uzac, a London School of Economics graduate from France. When the acquisition was announced, Uzac said: "Having a brand with that kind of global recognition will open doors for IBT, which is growing but still a young company.”
