IAC/Interactive Corp CEO Barry Diller is shopping Newsweek as the former weekly has completed its "soft" digital re-launch earlier this month, according to a report in Variety.
The move comes a month after Diller told Bloomberg TV that is was a "mistake" to buy the publication and expressed little hope for its online recovery.
IAC is pitching 80-year-old Newsweek as an attractive property for a buyer looking for an "innovative" business structure that features narrative or long-form journalism.
Newsweek’s current comeback strategy is geared to "metered" online access with subs pegged at $2.99 per month and plans for single advertiser sponsorship of articles.
Tina Brown has been leading the turnaround efforts of Newsweek, which is now a stepchild to IAC's Daily Beast. IAC's media group, which includes Newsweek and DB posted an $8.8M operating loss during the latest quarter.
Diller acquired Newsweek under a deal with the late Sidney Harman, who bought the magazine from Washington Post Co. for $1.
Newsweek's site attracts about 2M visitors a month. Under royalty deals, it still prints editions in selective overseas markets.
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