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IBT Media, an international digital-only news company, has signed a definitive agreement to acquire Newsweek from IAC. Pursuant to the transaction, IBT Media will acquire the Newsweek brand and the operations of the online publication. The Daily Beast is not part of the transaction.

The transaction is expected to close in the coming days, after which IAC will continue to operate the property for a transition period of up to 60 days.

IBT Media said it plans to build on the Newsweek brand and editorial offering. Newsweek will operate as a wholly owned subsidiary of IBT Media.

Terms of the deal were not disclosed.