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"Newsweek has been put up for sale by owner InterActiveCorp (IAC). Staff at the magazine, which moved to an all-digital format earlier this year, were informed of the sale by editor Tina Brown and chief executive Baba Shetty. In an internal memo, they said that the decision to sell the magazine was made so they could focus on building its companion brand The Daily Beast. In 2010, the Washington Post Company sold the magazine for a dollar to Sidney Harman, who assumed its debt. He merged it with The Daily Beast before he died, giving IAC a stake. &amp;quot;Newsweek is a powerful brand, but its demands have taken attention and focus away from The Daily Beast,&amp;#039;&amp;#039; the memo said, according to the New York Times. &amp;quot;The story that hasn&amp;#039;t been told about The Daily Beast is its strength.&amp;quot; It added that they will only sell if the purchase price &amp;quot;reflects the value we&amp;#039;ve created&amp;quot;, explaining that it is prepared to keep the company if there are no takers. Newsweek had 3.3 million readers at the height of its circulation in 1991. IAC Chairman Barry Diller recently admitted that he wished he never bought Newsweek, calling it a &amp;quot;mistake&amp;quot;. "^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.digitalspy.com/media/news/a485967/newsweek-put-up-for-sale-by-iac/>