Newsweek confirms it is eyeing sale

Newsweek CEO Baba Shetty and editor-in-chief Tina Brown have sent a memo to staff confirming earlier reports that parent-company IAC is exploring a sale of the now online-only magazine.

In the memo, Shetty and Brown attributed the exploration of a sale to a desire to focus their full attention on The Daily Beast, Newsweek's sister website. "The simple reason is focus. Newsweek is a powerful brand, but its demands have taken attention and focus away from The Daily Beast," they wrote. "The story that hasn't been told about The Daily Beast is its strength. Deidre Depke and her team have earned the Webby for Best News site for two years running. Our traffic is up significantly yet again this year. And digital ad sales in a very tough environment are up 30% year to date." The news comes five months after Newsweek folded its print edition, and one month after IAC chief Barry Diller expressed regret about buying the magazine.