Newsweek

Newsweek is an American weekly news magazine based in New York City. Founded as a weekly print magazine in 1933, it was widely distributed during the 20th century and has had many notable editors-in-chief. It is currently co-owned by Dev Pragad, the president and chief executive officer (CEO), and Johnathan Davis, who sits on the board; each owns 50% of the company. In August 2010, revenue decline prompted the Washington Post Company to sell Newsweek to the audio pioneer Sidney Harman for one US dollar and an assumption of the magazine's liabilities. Later that year, Newsweek merged with the news and opinion website The Daily Beast, forming The Newsweek Daily Beast Company, later called NewsBeast. Newsweek was jointly owned by the estate of Harman and the company IAC. Newsweek continued to experience financial difficulties, leading to the suspension of print publication at the end of 2012. In 2013, IBT Media acquired Newsweek from IAC; the acquisition included the Newsweek brand and its online publication, but did not include The Daily Beast. IBT Media, which also owns the International Business Times, rebranded itself as Newsweek Media Group and in 2014 relaunched Newsweek in both print and digital form. In 2018, IBT Media split into two companies: Newsweek Publishing and IBT Media. The split was accomplished one day before the district attorney of Manhattan indicted Etienne Uzac, the co-owner of IBT Media, on fraud charges. Under Newsweek's current co-owner and CEO, Dev Pragad, Newsweek has been growing 20–30% per year; according to Comscore, its monthly unique visitors rose from about 30 million to 48 million between May 2019 and May 2022. Since Pragad became CEO in 2016, readership has grown to 100 million readers per month. The net worth of Newsweek Publishing under Dev Pragad exceeds $300 million. This is the highest number of readers and net worth in its 90-year history. The Harvard Business School published a case study of the company in 2021.

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