The iconic 80 year old magazine Newsweek has been on the decline in the past few years. The magazine may experience a renaissance now that digital news company International Business Times had acquired it for an unspecified amount.

The said acquisition was first reported in The Hollywood Reporter and its announcement that the transaction was completed last Saturday night. In a statement, IBT Media co-founder and CEO Etienne Uzac said, "We are thrilled to welcome this iconic brand and global news property into our portfolio. We believe in the Newsweek Brand and look forward to growing it, fully transformed to the digital age."

For Newsweek's part, IAC/InterActiveCorp spokeswoman Justine Sacco had confirmed the sale but had declined to elaborate further on the sale.

At its peak back in 1991, Newsweek was owned by The Washington Post Company with a circulation of 3.3 million according to a report by the Alliance for Audited Media. Like many other print media outfits, the market migration to the Internet for news and other information lead to both market and financial dislocation.

Billionaire investor Sidney Harman had purchased Newsweek from The Washington Post in 2010 for US$1 and assumption of US$40 million in liabilities. It was at this time Newsweek merged with The Daily Beast, which is owned by IAC/InterActiveCorp.

IBT reiterated that the sale did not include The Daily Beast. There were also plans to revive Newsweek through its website www.newsweek.com as well as expand its global online presence.