IBT Media is buying Newsweek from IAC, splitting it from the Daily Beast brand and announcing plans to make it profitable.

IBT, owner of the International Business Times, is acquiring Newsweek after the 80-year-old magazine shifted to online-only in January and lost its chief executive in June. Terms of the deal weren’t disclosed, according to a statement from IBT.

IAC, run by Barry Diller, purchased Newsweek as part of an agreement with the late Sidney Harman in November 2010 and combined it with the Daily Beast news Web site. The billionaire this year said he regretted the move and started looking for buyers.

Harman had acquired Newsweek from The Washington Post for $1 plus assumption of liabilities.

“With our knowledge of building digital brands and with the power of the Newsweek brand, we think we can build it and definitely be profitable,” Etienne Uzac, co-founder and chief executive officer of IBT Media, said in an interview.

— Bloomberg News