IAC
has confirmed reports that it's seeking a buyer for the
hobbled newsweekly, which has already been sold twice in the past three years,
then ended its U.S. print edition. In a memo, The Daily Beast
editor Tina Brown and CEO Baba Shetty explained the rationale in a memo, saying
that while Newsweek had become a "breakthrough digital product," it
was a drain on the Beast.
