The companies didn’t disclose financial terms. But they said today that IBT Media has agreed to buy Newsweek‘s brand and online operations, leaving its sister publication The Daily Beast with IAC. Barry Diller‘s company, which bought Newsweek in 2010, will manage the publication for a transition period of up to 60 days. IBT says that it will build the once iconic newsweekly into a global, online destination for news and analysis. It also will maintain license agreements to publish Newsweek in overseas markets. “We believe in the Newsweek brand and look forward to growing it, fully transformed to the digital age,” says IBT co-founder and CEO Etienne Uzac. “We respect the brand’s long history of delivering high-quality, impactful journalism and believe this aligns well with IBT Media’s culture and mission. We look forward to working together to create a profitable and successful enterprise.” IBT, founded in 2006, also publishes Medical Daily, Latin Times and iDigitalTimes.