IBT Media#Brands

IBT Media is a privately held company, owned by Etienne Uzac, a convicted felon.{{Cite news |last=Tracy |first=Marc |date=2020-02-14 |title=A Former Owner of Newsweek Pleads Guilty in a Fraud Scheme |language=en-US |work=The New York Times |url=https://www.nytimes.com/2020/02/14/business/media/Etienne-Uzac-newsweek-fraud.html |access-date=2020-10-28 |issn=0362-4331}} The company has not received outside funding, and has grown with a focus on being an "efficient company", concentrating on the "revenue side as well as on the expenses".

It started in 2006, with personal savings{{From whom?|date=October 2023}}, and SBA bank loan{{To whom?|date=October 2023}}, and no input, financial or advisory, from VCs.{{clarify|date=January 2014}} It has been profitable since 2010. Since then it has acquired Newsweek.{{cite news |first=Peter |last=Lauria |title=Newsweek's New Owners Say They Bought "A Lot Of Cachet" |date=August 3, 2013 |url=https://www.buzzfeed.com/peterlauria/barry-dillers-newsweek-experiment-is-over |work=BuzzFeed |access-date=2013-08-06}}{{cite web |last=Rondon |first=Michael |title=Meet IBT Media: The Future of Newsweek |url=http://www.foliomag.com/2013/meet-ibt-media-future-newsweek#.UgBfd9I3uSo |url-status=dead |access-date=2013-08-06 |work=Folio |archive-date=August 9, 2013 |archive-url=https://web.archive.org/web/20130809050939/http://www.foliomag.com/2013/meet-ibt-media-future-newsweek#.UgBfd9I3uSo }}

The company derives its profits primarily from advertising and has been profitable since 2010.

On September 14, 2018, after completing the strategic structural changes initially announced in March, IBT Media spun off into two separate companies—Newsweek and IBT Media.

IBT Media says it has an ongoing "working relationship" with Olivet University which includes the school providing design assistance and computer resources, and IBT Media providing internships for students. It characterizes it as similar to the relationships Silicon Valley companies have with local universities. However, publication Christianity Today alleges that IBT Media has a close relationship both with Olivet and with its founder, controversial{{cite news |last=Smietana |first=Bob |date=July 16, 2012 |title=LifeWay land deal with Calif. school faces scrutiny |work=USA Today |url=http://usatoday30.usatoday.com/news/religion/story/2012-07-16/lifeway-land-deal/56256458/1 |url-status=dead |access-date=2013-08-06 |archive-date=March 8, 2013 |archive-url=https://web.archive.org/web/20130308081513/http://usatoday30.usatoday.com/news/religion/story/2012-07-16/lifeway-land-deal/56256458/1 }} evangelical pastor David J. Jang. It claims that Jang is an investor in and has exercised control over IBT Media, that Davis was formerly director of journalism at Olivet, and that Uzac was its treasurer, at least at one time.{{cite news |first=Tom |last=McCarthy |title= Newsweek is dead. Long live Newsweek? |date =August 5, 2013 |url= https://www.theguardian.com/media/2013/aug/05/newsweek-acquisition-international-business-times |work=The Guardian |location= London |access-date= 2013-08-06}}{{cite news |first=Jeff |last= Bercovici |title= Meet The Mysterious Duo Who Just Bought Newsweek |date=August 5, 2013 |url= https://www.forbes.com/sites/jeffbercovici/2013/08/05/meet-the-mysterious-duo-who-just-bought-newsweek/ |work= Forbes |location= New York |access-date= 2013-08-06}} Executives characterize the relationship as between the institutions and not the founders, and that it was purely operational.

IBT Media is part of Economist's "Ideas Channel", an ad-network based on mindset rather than demographics, set up in part to reach "an intellectual and often influential audience interested in business, politics and science". The company's Bizu video platform partners with IDG Communications and France 24. for content, and Digitas and PJA Advertising and others for monetization of the platform.

The company's brands publish to a number of 3rd party platforms, including Flipboard, Zite, and The Washington Post's Social Reader.

In January 2018 Manhattan District Attorney staff raided the company's offices, taking away eighteen computer servers, in what Newsweek reported was part of an investigation into company finances. On 1 February 2018 co-owner and chairman, Etienne Uzac, and his wife Marion Kim who acted as finance director, resigned.{{cite news |url=https://money.cnn.com/2018/02/01/media/newsweek-media-chair-resigns/index.html |title=Chair of embattled Newsweek Media Group resigns |last=Gold |first=Hadas |author-link=Hadas Gold|website=CNN Money |date=1 February 2018 |access-date=22 February 2018}} Uzac was convicted, pleading guilty to avoid jail time.{{Cite news|last=Tracy|first=Marc|date=2020-02-14|title=A Former Owner of Newsweek Pleads Guilty in a Fraud Scheme|work=The New York Times|url=https://www.nytimes.com/2020/02/14/business/media/Etienne-Uzac-newsweek-fraud.html|access-date=2020-10-28|issn=0362-4331}}

On February 20, 2018, Newsweek reported on the DA's investigation into its parent company, and its relationship with Olivet University.{{cite news |url=http://www.newsweek.com/newsweek-manhattan-da-olivet-university-david-jang-fired-new-york-media-813949 |title=Why Is the Manhattan DA Looking at Newsweek's Ties to a Christian University? |first1=Celeste|last1=Katz|first2=Josh|last2=Keefe|first3=Josh|last3=Saul |newspaper=Newsweek |date=20 February 2018 |access-date=22 February 2018}}{{Cite news |last=IBT Staff Report |date=February 21, 2018 |title=Newsweek Media Group Will Work More Closely With Christian University, Founder Says |work=International Business Times |url=https://www.ibtimes.com/newsweek-media-group-will-work-more-closely-christian-university-founder-says-2655850}}

Following the publication of the story, several Newsweek staff were fired and some editors threatened to resign stating that management had tried to interfere in the story's publication (veteran IBT journalist Matthew Cooper did resign).{{cite news |url=https://www.theguardian.com/media/2018/feb/21/newsweek-plunged-into-chaos-by-its-own-reporters-expose |title=Newsweek plunged into chaos by its own reporters' exposé |last=Rushe |first=Dominic |newspaper=The Guardian |date=21 February 2018 |access-date=22 February 2018}}{{cite news |last=Schmidt |first=Samantha |date=21 February 2018 |title=Newsweek publishes exposé about itself after controversial staff firings |work=Washington Post |publisher=Chicago Tribune |url=http://www.chicagotribune.com/news/nationworld/ct-newsweek-staff-firings-20180221-story.html |url-status=dead |access-date=22 February 2018 |archive-date=February 21, 2018 |archive-url=https://web.archive.org/web/20180221161246/http://www.chicagotribune.com/news/nationworld/ct-newsweek-staff-firings-20180221-story.html }} On October 10, 2018, it was reported by the Wall Street Journal that IBT Media was charged with defrauding lenders.{{Cite news|url=https://www.wsj.com/articles/newsweeks-parent-company-co-founder-charged-with-defrauding-lenders-1539208065|title=Newsweek{{'}}s Parent Company Charged With Defrauding Lenders|last=Alpert|first=Lukas I.|date=2018-10-10|work=Wall Street Journal|access-date=2018-10-10|last2=O'Brien|first2=Rebecca Davis|issn=0099-9660}}

On June 30, 2022, the New York State Education Department officially ended Olivet's authorization to operate in the state citing that their failings "are part of a larger pattern of poor administration and addressing such problems only after being caught in a criminal conspiracy."{{Cite news |last=Jamali |first=Naveed |date=July 2, 2022 |title=New York Shuts Down Olivet University Amid Federal Money-Laundering Probe |work=Newsweek |url=https://www.newsweek.com/new-york-shuts-down-olivet-university-amid-federal-money-laundering-probe-1721221}}{{Cite news |last=Belz |first=Emily |date=July 6, 2022 |title=New York Shuts Down Embattled Olivet University Campus |work=Christianity Today |url=https://www.christianitytoday.com/news/2022/july/new-york-olivet-university-campus-david-jang.html}}

On July 6, 2022, a lawsuit was filed in New York state by Newsweek’s current owner, NW Media Holdings Corp., seeking to enforce IBT’s “contractual obligation to indemnify NW Media Holdings for the multi-million-dollar losses incurred as a result of IBT’s former mismanagement of Newsweek.”{{Cite web |last=Smietana |first=Bob |last2=Jenkins |first2=Jack |date=July 7, 2022 |title=Newsweek sues former owners, controversial pastor David Jang, seeking millions |url=https://religionnews.com/2022/07/07/newsweek-sues-former-owners-controversial-pastor-david-jang-seeking-millions/ |website=Religious News Service}} The lawsuit also the lawsuit names several defendants in addition to IBT Media, a company that owned Newsweek until 2018, including religious leader David Jang and Etienne Uzac, a former CEO and chairman of Newsweek.{{Cite web |last=Rouhandeh |first=Alex J. |date=July 8, 2022 |title=Newsweek Sues David Jang, Leader of Sect Under Federal Investigation |url=https://www.newsweek.com/newsweek-sues-david-jang-leader-sect-under-federal-investigation-1723056 |website=Newsweek}} Additional lawsuits have been filed by Newsweek co-owners Johnathan Davis and Dev Pragad against each other, alleging various grievances including stolen trade secrets, records falsification and reputational damage.{{Cite web |last=Bruell |first=Alexandra |date=July 29, 2022 |title=Newsweek Engulfed in Legal Drama as Co-Owners Sue Each Other |url=https://www.wsj.com/articles/newsweek-engulfed-in-legal-drama-as-co-owners-sue-each-other-11659096002 |website=The Wall Street Journal}}

IBT Media had run on a proprietary content management system that it has built over several years, though based on examination of the HTML source, it currently runs Drupal. The company started to tie-in real-time analytics into the newsroom as early as 2010, and based on those results, optimize follow-up content, positioning, and editorial calendars to serve readers. Social feedback is also built into the newsroom.

{{cite web|url=http://www.adweek.com/news/press/newsweek-relaunches-print-bitcoin-coup-156112|title=Newsweek Relaunches in Print|last=Moses|first=Lucia|work=AdWeek|access-date=2014-03-06}}

The company has also created platforms for content. Bizu, a video platform for business professionals hosts content and also offers incremental revenue streams to content providers.

• International Business Times – global business and economic news, in seven languages across ten editions
• Medical Daily – medical news site{{cite web | url=http://www.medicaldaily.com/about-us | title=About Us | publisher=IBT Media | work=Medical Daily | access-date=December 26, 2014}}
• Latin Times – Latin American-oriented news site{{cite web | url=http://www.latintimes.com/about-us | title=About Us | publisher=IBT Media | work=Latin Times | access-date=December 26, 2014}}
• iDigitalTimes (now Player One) – technology and digital media news site{{cite web |title=About Us |url=http://www.idigitaltimes.com/about-us |url-status=dead |access-date=December 26, 2014 |work=iDigitalTimes |publisher=IBT Media |archive-date=January 6, 2015 |archive-url=https://web.archive.org/web/20150106134752/http://www.idigitaltimes.com/about-us }}

• 2006 – International Business Times incorporates in New York.
• 2008–2010 – IBTimes launches specialty verticals: Jobs, Health, Real Estate, Education and Travel.
• 2011 – IBTimes moves into Newsweek's old offices after 1,200% growth for the year.
• 2012 – International Business Times reincorporates as IBT Media, the new parent company to IBTimes, and launches Bizu, a video web portal and platform.
• 2013 – Medical Daily, HollywoodTake, and Latin Times are launched.
• 2013 – Newsweek is acquired.
• 2014 – Newsweek returns to print,{{cite web|url=https://www.nytimes.com/2014/03/03/business/media/tiny-digital-publisher-to-put-newsweek-back-in-print.html|title=Tiny Digital Publisher to Put Newsweek Back in Print|date=March 3, 2014|work=The New York Times}} and the Newsweek operations becomes profitable{{cite web|url=http://www.capitalnewyork.com/article/media/2014/10/8554160/emnewsweekem-announces-its-profitable|title=Newsweek announces it's profitable|access-date=November 26, 2014|archive-url=https://web.archive.org/web/20151223041433/http://www.capitalnewyork.com/article/media/2014/10/8554160/emnewsweekem-announces-its-profitable|archive-date=December 23, 2015|url-status=dead}}
• 2017 – Company rebrands as Newsweek Media Group.{{Cite news|url=https://www.adweek.com/digital/ibt-media-is-rebranding-as-newsweek-media-group/|title=IBT Media Is Rebranding as Newsweek Media Group|access-date=2018-11-10|language=en-US}}
• 2018 – Newsweek is spun off into a separate legal entity.{{Cite web|url=https://www.mediapost.com/publications/article/326408/newsweek-media-group-splits-into-separate-companie.html|title=Newsweek Media Group Splits into Separate Companies: Newsweek, IBT Media|language=en|access-date=2018-11-10}}
• 2018 – Company rebrands back to IBT Media after separating from Newsweek.{{Cite web|url=https://www.prnewswire.com/news-releases/newsweek-media-group-splits-into-two-companies----newsweek--ibt-media-300729095.html|title=Newsweek Media Group Splits Into Two Companies -- Newsweek & IBT Media|last=Newsweek|website=www.prnewswire.com|language=en|access-date=2018-11-10}}
• 2020 – Former owner Etienne Uzac pleads guilty to money laundering and fraud.

{{Reflist|30em|refs =

{{cite news

| url = https://observer.com/2011/07/braving-bad-juju-international-business-times-moves-into-newsweeks-old-newsroom/

| title = Braving Bad Juju, International Business Times Moves Into Newsweek's Old Newsroom

| work = The New York Observer |date=July 6, 2011 |first=Kat |last=Stoeffel

| access-date = 2011-10-09

}}

{{cite web

| url = http://corp.ibt.com/about

| title = Corporate Timeline

| access-date = 2013-08-05

}}

{{cite web

|url = http://www.cynopsis.com/editions/digital/11013/

|title = Cynopsis Digital

|access-date = 2013-08-05

|url-status = dead

|archive-url = https://web.archive.org/web/20130117222728/http://cynopsis.com/editions/digital/11013/

|archive-date = January 17, 2013

|df = mdy-all

}}

{{cite news

|date = July 23, 2012

|url = http://paidcontent.org/2012/07/23/zite-adds-la-times-chicago-tribune-others-to-its-publishers-program/

|title = IBT Media Launches 'The Latin Times' Targeting U.S. Hispanics

|first = Laura Hazard

|last = Owen

|work = PaidContent

|access-date = 2013-08-06

|archive-date = August 26, 2013

|archive-url = https://web.archive.org/web/20130826102430/http://paidcontent.org/2012/07/23/zite-adds-la-times-chicago-tribune-others-to-its-publishers-program/

|url-status = dead

}}

{{cite web

| url =http://www.portada-online.com/2013/05/06/ibt-media-launches-the-latin-times-targeting-u-s-hispanics/

| title = IBT Media Launches ‘The Latin Times’ Targeting U.S. Hispanics

| first = Laura

| last = Martinez

| work = Portada

| access-date = 2013-08-05

}}

{{cite news

| url =https://www.nytimes.com/2013/08/04/business/media/newsweek-bought-by-digital-news-company-ibt.html?_r=0&gwh=997C267ACB209316D3248EB4F8AE391A

| title = Newsweek, Sold in 2010, Changing Hands Again

| first = Christine |date=August 4, 2013

| last = Haughney

| work = The New York Times

| access-date = 2013-08-05

}}

{{cite news

| url = http://www.bizreport.com/2013/01/new-platform-to-focus-on-business-related-media.html

| title = New platform to focus on business related media

| first = Kristina

| last = Knight

| work = BizReport |date=January 14, 2013

| access-date = 2013-08-06

}}

{{cite web

| url = http://adage.com/article/media/ibt-media-buys-newsweek-iac/243495/

| title = What IBTimes wants with Newsweek

| first = Michael

| last = Sebastian

| work = adage

| access-date = 2013-08-06

}}

{{cite web

| url = http://www.mediapost.com/publications/article/138430/#axzz2bEfA4KMO

| title = Economist Ideas Channel Targets Elite

| first = Fern

| last = Siegel

| work = MediaPost

| access-date = 2013-08-06

}}

{{cite news

| url =https://www.wsj.com/articles/SB10001424127887323681904578646820897437326

| title = IBT Media to Buy Newsweek from IAC

| work = The Wall Street Journal |date=August 3, 2013 |first=William |last=Launder |location=New York

| access-date = 2013-08-05

}}

{{cite news

| url = https://www.forbes.com/sites/jeffbercovici/2013/08/05/meet-the-mysterious-duo-who-just-bought-newsweek/ |last= Bercovici |first=Jeff

| title = Meet the mysterious duo who just bought Newsweek

| work = Forbes |location= New York |date=August 5, 2013

| access-date = 2013-08-06

}}

{{cite web

|url = http://tech.fortune.cnn.com/2013/08/07/newsweek-ibt/

|title = The mysterious company that just bought Newsweek

|work = Fortune

|access-date = 2013-08-06

|url-status = dead

|archive-url = https://web.archive.org/web/20130810103440/http://tech.fortune.cnn.com/2013/08/07/newsweek-ibt/

|archive-date = August 10, 2013

|df = mdy-all

}}

{{cite web

| url = http://corp.ibt.com/brands

| title = Corporate Brands

| access-date = 2013-08-05

}}

}}

• {{Official website|http://corp.ibt.com/}}

Category:Internet properties established in 2006

Category:2006 establishments in New York City