IAC Chairman Barry Diller said he’s exploring a sale of Newsweek, which went online-only this year, after concluding he erred in merging it with the Daily Beast.

Newsweek/Daily Beast Editor Tina Brown and CEO Baba Shetty confirmed the plans in an internal memo. Newsweek is on pace to break even by the end of this year, they said in the note.

“I got seduced into Newsweek,” Diller said at the D: All Things Digital conference. “It much better belongs in a widely diversified or somewhat diversified publishing company that has publishing assets.”