NEW YORK, Oct. 10, 2018 /PRNewswire/ -- Completing the strategic structural changes initially announced in March, Newsweek Media Group has spun off into two separate companies — Newsweek and IBT Media.
Newsweek will be comprised of the US print and digital versions of the magazine, as well as the international editions in EMEA and Asia and the website Newsweek.com. IBT Media will consist of the International Business Times, Player.One, Latin Times, Fashion Times and Medical Daily.
Newsweek will be owned by Johnathan Davis and Dev Pragad, with Pragad serving as CEO overseeing all of Newsweek's operations.
Ownership of IBT Media will remain with CEO Johnathan Davis and Etienne Uzac. Neither Davis, a Newsweek shareholder, or Uzac have operational roles at Newsweek.
The two companies have agreed on a brief transitionary phase to separate the operations and shared services. All of Newsweek's operations will transition into the new company.
"This separation of the two companies will allow Newsweek and IBT Media brands to maximize their potential, providing them with the independence and freedom to evolve and develop according to their respective strengths," said Pragad. "Our focus will be on strengthening the iconic magazine—the centerpiece of the company. In addition, we plan to expand into new ventures focused on non-advertising revenue streams."
"We have been working on making this structural change for several months and it is exciting to see it coming to fruition," said Davis. "I am thrilled to take the International Business Times, and its sister publications to the next level. We will build on our global reach and continue to develop meaningful relationships with advertisers around the world."
Newsweek is the modern global digital news organization built around the iconic, 85-year-old American magazine. Newsweek reaches more than 30 million people each month with its thought-provoking news, opinion, images, graphics and video delivered across a dozen print and digital platforms. Headquartered in New York City, Newsweek also publishes international editions in EMEA and Asia.
About IBT Media
IBT Media is a fast growing global digital news organization, delivering news and insight to readers across the world. With innovations across the newsroom and the platform, we are engaging a new generation of readers with content that speaks to their interests, analysis that serve their businesses, and insight to make sense of a globally connected world.