The owner of Newsweek, the troubled liberal weekly news magazine, has confirmed reports that it is trying to unload the money-losing operation even despite the fact that it jettisoned its print edition last year. In a letter to employees, CEO Baba Shetty and editor-in-chief Tina Brown confirmed that the parent company of Newsweek, InterActiveCorp, is trying to find potential bidders.
In the letter, Shetty and Brown claimed that Newsweek, which was sold by the Washington Post in 2010 for $1 and an assumption of outstanding debt, was going to become profitable by the end of this year. The confirmation of the efforts to sell the online-only magazine comes as no surprise considering that IAC president, leftist media mogul Barry Diller, stated last month that he believed "it was a mistake" to purchase Newsweek and that "I don't have great expectations" for its long-term success.