IBT Media

{{Short description|American media company}} {{Use mdy dates|date=June 2022}} {{Infobox website | name = IBT Media | logo = Logo ibtmedia.png | type = Publication | owner = Etienne Uzac | url = {{URL|http://corp.ibt.com}} | commercial = Yes | launch_date = {{start date and age|2006}} (as IBT Media) | current_status = Active }} '''IBT Media''' is an American global digital news organization owned by followers of religious leader David Jang.<ref name="nytimes2">{{cite web |last=Kaufman |first=Leslie |date=March 3, 2014 |title=Tiny Digital Publisher to Put Newsweek Back in Print |url=https://www.nytimes.com/2014/03/03/business/media/tiny-digital-publisher-to-put-newsweek-back-in-print.html |access-date=2014-08-14 |work=The New York Times}}</ref><ref>{{cite news |date=8 July 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/ |work=Religion News Service}}</ref> It publishes the ''International Business Times'' and ''Medical Daily'', among others.

== History == IBT Media is a privately held company co-founded in 2006 by Etienne Uzac and Johnathan Davis.<ref>{{Cite web |last=Lauria |first=Peter |date=August 3, 2013 |title=Newsweek’s New Owners Say They Bought “A Lot Of Cachet” |url=https://www.buzzfeed.com/peterlauria/barry-dillers-newsweek-experiment-is-over |access-date=2025-10-03 |work=BuzzFeed}}</ref><ref>{{Cite web |last=Bercovici |first=Jeff |title=Meet The Mysterious Duo Who Just Bought Newsweek |url=https://www.forbes.com/sites/jeffbercovici/2013/08/05/meet-the-mysterious-duo-who-just-bought-newsweek/ |access-date=2025-10-03 |website=Forbes |language=en}}</ref><ref>{{Cite web |date=2014-03-04 |title=Tiny digital publisher to put Newsweek back in print |url=https://www.financialexpress.com/archive/tiny-digital-publisher-to-put-newsweek-back-in-print/1230848/ |access-date=2025-10-03 |website=The Financial Express |language=en}}</ref> It is headquartered in New York City, in the Hanover Square neighborhood of Lower Manhattan.<ref name=":3"> {{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 }}</ref>

The company achieved profitability by 2010, with much of its revenue coming from advertising.<ref name="folio">{{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 |archive-url=https://web.archive.org/web/20130809050939/http://www.foliomag.com/2013/meet-ibt-media-future-newsweek#.UgBfd9I3uSo |archive-date=August 9, 2013 |access-date=2013-08-06 |work=Folio}}</ref><ref name="fortune" /><ref name="adage" /><ref name="forbes" /> In 2011, the company relocated to ''Newsweek'''s former offices in Lower Manhattan.<ref name=":3" /> The following year, the International Business Times was reincorporated as IBT Media, becoming the parent company to IBTimes, and it also launched Bizu, a video web portal and platform.<ref name="CY110132" />

In 2013, IBT Media broadened its portfolio with the launch of ''Medical Daily'', ''HollywoodTake'', and ''Latin Times''.<ref name=":7">{{Cite web |last=Morrison |first=Sara |date=2013-08-07 |title=5 Things to Know About Newsweek's New Owners IBT Media |url=https://www.yahoo.com/entertainment/5-things-know-newsweeks-owners-ibt-media-191826820.html |access-date=2025-10-25 |website=Yahoo Entertainment |language=en-US}}</ref> That same year, the company acquired ''Newsweek'' from IAC.<ref name=":4">{{Cite news |last=Haughney |first=Christine |date=August 4, 2013 |title=Newsweek, Sold in 2010, Changing Hands Again |url=https://www.nytimes.com/2013/08/04/business/media/newsweek-bought-by-digital-news-company-ibt.html |access-date=2025-10-03 |work=The New York Times}}</ref><ref>{{Cite web |last=Fuller |first=Melynda |date=2018-10-11 |title=Newsweek Media Group Splits into Separate Companies: Newsweek, IBT Media |url=https://www.mediapost.com/publications/article/326408/newsweek-media-group-splits-into-separate-companie.html |access-date=2025-10-03 |website=MediaPost |language=en}}</ref><ref name="BuzzFeed_2013-08-03">{{cite news |last=Lauria |first=Peter |date=August 3, 2013 |title=Newsweek's New Owners Say They Bought "A Lot Of Cachet" |url=https://www.buzzfeed.com/peterlauria/barry-dillers-newsweek-experiment-is-over |access-date=2013-08-06 |work=BuzzFeed}}</ref> In 2014, IBT Media reported revenue of about US$21 million and a profit of approximately US$500,000.<ref name="nytimes2" /> ''Newsweek'' also returned to print in 2014 and soon after became profitable.<ref name=":5" /><ref name=":6">{{cite web |title=Newsweek announces it's profitable |url=http://www.capitalnewyork.com/article/media/2014/10/8554160/emnewsweekem-announces-its-profitable |url-status=dead |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 |access-date=November 26, 2014}}</ref>

The company also undertook digital redesigns and optimization of both ''Newsweek'' and ''International Business Times'' websites in 2015, improving mobile responsiveness and user experience.<ref>{{Cite web |last=Guaglione |first=Sara |title=IBT Media Redesigns 'Newsweek,' 'IBT' Sites To Optimize Mobile, Video |url=https://www.mediapost.com/publications/article/264441/ibt-media-redesigns-newsweek-ibt-sites-to-opt.html |access-date=2025-10-03 |website=www.mediapost.com |language=en}}</ref> In November 2016, IBT Media launched ''Newsweek International'', consolidating its European and Asian editions under a unified brand based in London.<ref>{{Cite web |date=November 25, 2016 |title=IBT Media launches Newsweek International |url=https://www.inpublishing.co.uk/articles/ibt-media-launches-newsweek-international-3756 |access-date=2025-10-03 |website=InPublishing |language=en}}</ref>

By 2017, the company had rebranded as ''Newsweek Media Group''.<ref name=":1">{{Cite news |last=Bazilian |first=Emma |date=2017-04-27 |title=IBT Media Is Rebranding as Newsweek Media Group |url=https://www.adweek.com/digital/ibt-media-is-rebranding-as-newsweek-media-group/ |access-date=2025-10-03 |work=Adweek |language=en-US}}</ref> In 2018, IBT Media spun off ''Newsweek'' into a separate company, making it a fully independent entity, while the remainder of the business continued as IBT Media.<ref name=":0">{{Cite web |last=Fuller |first=Melynda |date=2018-10-11 |title=Newsweek Media Group Splits into Separate Companies: Newsweek, IBT Media |url=https://www.mediapost.com/publications/article/326408/newsweek-media-group-splits-into-separate-companie.html |access-date=2025-10-03 |website=www.mediapost.com |language=en}}</ref><ref>{{Cite web |date=September 14, 2018 |title=Newsweek splits from IBT Media into standalone company |url=https://www.newsweek.com/newsweek-splits-ibt-media-standalone-company |access-date=2025-10-03 |website=Newsweek |language=en}}</ref><ref name=":2">{{Cite press release |title=Newsweek Media Group Splits Into Two Companies -- Newsweek & IBT Media |url=https://www.prnewswire.com/news-releases/newsweek-media-group-splits-into-two-companies----newsweek--ibt-media-300729095.html |language=en |last=Newsweek |access-date=2018-11-10 |website=www.prnewswire.com}}</ref>

== Platform == IBT Media had run on a proprietary content management system that it had built over several years. It currently{{when|date=June 2025}} runs on 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.<ref name="ino">{{cite web |last=Moses |first=Lucia |date=March 6, 2014 |title=Newsweek Relaunches in Print |url=http://www.adweek.com/news/press/newsweek-relaunches-print-bitcoin-coup-156112 |access-date=2014-03-06 |work=AdWeek}}</ref>

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. The platform partners with IDG Communications and France 24 for content, and Digitas and PJA Advertising and others for monetization.<ref name="bizrep" />

IBT Media is part of ''Economist''{{'}}s "Ideas Channel" ad-network which targets people in business and politics.<ref name="mp" /> The company's brands publish to a number of 3rd party platforms, including Flipboard, Zite.<nowiki/>'s Social Reader.<ref name="paid" />

== Assets ==

* ''International Business Times'' – global business and economic news, in seven languages across ten editions<ref name="IBT_CorpBrands" /> * ''Medical Daily'' – medical news site<ref>{{Cite web |last=Chang |first=Andrea |date=2013-08-04 |title=Newsweek sold again, this time to digital news company IBT Media |url=https://www.latimes.com/business/la-xpm-2013-aug-04-la-fi-mo-newsweek-sold-20130804-story.html |access-date=2025-10-25 |website=Los Angeles Times |language=en-US}}</ref> * ''Latin Times'' – Latin American-oriented news site<ref name="Latin Times (a)">{{cite web |title=About Us |url=http://www.latintimes.com/about-us |access-date=December 26, 2014 |work=Latin Times |publisher=IBT Media}}</ref> * ''iDigitalTimes'' (now ''Player One'') – technology and digital media news site<ref name="iDigitalTimes (a)">{{cite web |title=About Us |url=http://www.idigitaltimes.com/about-us |url-status=dead |archive-url=https://web.archive.org/web/20150106134752/http://www.idigitaltimes.com/about-us |archive-date=January 6, 2015 |access-date=December 26, 2014 |work=iDigitalTimes |publisher=IBT Media}}</ref>

== Chronology ==

* 2006 – ''International Business Times'' incorporates in New York.<ref name=IBT_CorpTimeline> {{cite web | url = http://corp.ibt.com/about | title = Corporate Timeline | access-date = 2013-08-05 }}</ref> * 2008–2010 – IBTimes launches specialty verticals: Jobs, Health, Real Estate, Education and Travel. * 2011 – IBTimes moves into ''Newsweek'''s old offices.<ref name=":3" /> * 2012 – International Business Times reincorporates as IBT Media, the new parent company to IBTimes, and launches Bizu, a video web portal and platform.<ref name="CY110132">{{cite web |title=Cynopsis Digital |url=http://www.cynopsis.com/editions/digital/11013/ |url-status=dead |archive-url=https://web.archive.org/web/20130117222728/http://cynopsis.com/editions/digital/11013/ |archive-date=January 17, 2013 |access-date=2013-08-05 |df=mdy-all}}</ref> * 2013 – Medical Daily, HollywoodTake, and ''Latin Times'' are launched.<ref name=":7" /> * 2013 – ''Newsweek'' is acquired.<ref name=":4" /><ref name="WSJ" /> * 2014 – ''Newsweek'' returns to print,<ref name=":5">{{cite web |date=March 3, 2014 |title=Tiny Digital Publisher to Put Newsweek Back in Print |url=https://www.nytimes.com/2014/03/03/business/media/tiny-digital-publisher-to-put-newsweek-back-in-print.html |work=The New York Times}}</ref> and the ''Newsweek'' operations becomes profitable<ref name=":6" /> * 2017 – Company rebrands as Newsweek Media Group.<ref name=":1" /> * 2018 – ''Newsweek'' is spun off into a separate legal entity.<ref name=":0" /> * 2018 – Company rebrands back to IBT Media after separating from ''Newsweek''.<ref name=":2" /> * 2020 – Former owner Etienne Uzac pleads guilty to money laundering and fraud.<ref name="NYT-2020-02-14">{{Cite news |last=Tracy |first=Marc |date=2020-02-14 |title=A Former Owner of Newsweek Pleads Guilty in a Fraud Scheme |url=https://www.nytimes.com/2020/02/14/business/media/Etienne-Uzac-newsweek-fraud.html |access-date=2020-10-28 |work=The New York Times |language=en-US |issn=0362-4331}}</ref>

== Controversies ==

=== Newsweek === 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 February 1, 2018 co-owner and chairman Uzac, and his wife Marion Kim who acted as finance director, resigned.<ref name="money-20180201">{{cite news |last=Gold |first=Hadas |author-link=Hadas Gold |date=1 February 2018 |title=Chair of embattled Newsweek Media Group resigns |url=https://money.cnn.com/2018/02/01/media/newsweek-media-chair-resigns/index.html |archive-url=https://web.archive.org/web/20180202000832/http://money.cnn.com/2018/02/01/media/newsweek-media-chair-resigns/index.html |url-status=dead |archive-date=February 2, 2018 |access-date=22 February 2018 |website=CNN Money}}</ref><ref name="nw-20180220">{{cite news |last1=Katz |first1=Celeste |last2=Keefe |first2=Josh |last3=Saul |first3=Josh |date=20 February 2018 |title=Why Is the Manhattan DA Looking at ''Newsweek'''s Ties to a Christian University? |url=http://www.newsweek.com/newsweek-manhattan-da-olivet-university-david-jang-fired-new-york-media-813949 |access-date=22 February 2018 |newspaper=Newsweek}}</ref>

On February 20, 2018, ''Newsweek'' reported on the DA's investigation into its parent company, and its relationship with Olivet University.<ref name="nw-20180220" /><ref>{{Cite news |last=IBT Staff Report |date=February 21, 2018 |title=Newsweek Media Group Will Work More Closely With Christian University, Founder Says |url=https://www.ibtimes.com/newsweek-media-group-will-work-more-closely-christian-university-founder-says-2655850 |work=International Business Times}}</ref> 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).<ref name="guardian-20180221">{{cite news |last=Rushe |first=Dominic |date=21 February 2018 |title=''Newsweek'' plunged into chaos by its own reporters' exposé |url=https://www.theguardian.com/media/2018/feb/21/newsweek-plunged-into-chaos-by-its-own-reporters-expose |access-date=22 February 2018 |newspaper=The Guardian}}</ref><ref name="chicagotribune-20180221">{{cite news |last=Schmidt |first=Samantha |date=21 February 2018 |title=''Newsweek'' publishes exposé about itself after controversial staff firings |url=http://www.chicagotribune.com/news/nationworld/ct-newsweek-staff-firings-20180221-story.html |url-status=dead |archive-url=https://web.archive.org/web/20180221161246/http://www.chicagotribune.com/news/nationworld/ct-newsweek-staff-firings-20180221-story.html |archive-date=February 21, 2018 |access-date=22 February 2018 |newspaper=Washington Post |publisher=Chicago Tribune}}</ref> On October 10, 2018, it was reported by the ''Wall Street Journal'' that IBT Media was charged with defrauding lenders.<ref>{{Cite news |last1=Alpert |first1=Lukas I. |last2=O'Brien |first2=Rebecca Davis |date=2018-10-10 |title=''Newsweek''{{'}}s Parent Company Charged With Defrauding Lenders |url=https://www.wsj.com/articles/newsweeks-parent-company-co-founder-charged-with-defrauding-lenders-1539208065 |access-date=2018-10-10 |work=Wall Street Journal |issn=0099-9660}}</ref>

In 2020 Uzac was convicted, pleading guilty to avoid jail time.<ref>{{Cite news |last=Tracy |first=Marc |date=2020-02-14 |title=A Former Owner of ''Newsweek'' Pleads Guilty in a Fraud Scheme |url=https://www.nytimes.com/2020/02/14/business/media/Etienne-Uzac-newsweek-fraud.html |access-date=2020-10-28 |work=The New York Times |issn=0362-4331}}</ref>

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''."<ref>{{Cite web |last1=Smietana |first1=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}}</ref> In addition to Uzac, other named defendants include religious leader David Jang.<ref>{{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}}</ref>

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.<ref>{{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}}</ref>

=== Partnership with Olivet University === IBT Media has a partnership with Olivet University, which was founded by evangelical pastor David J. Jang. This partnership 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.<ref name="BuzzFeed_2013-08-03" /> However, publication ''Christianity Today'' alleges that IBT Media has a close relationship both with Olivet and with its founder, controversial<ref name="BuzzFeed_2013-08-03" /><ref name="USAToday_2012-07-16">{{cite news |last=Smietana |first=Bob |date=July 16, 2012 |title=LifeWay land deal with Calif. school faces scrutiny |url=http://usatoday30.usatoday.com/news/religion/story/2012-07-16/lifeway-land-deal/56256458/1 |url-status=dead |archive-url=https://web.archive.org/web/20130308081513/http://usatoday30.usatoday.com/news/religion/story/2012-07-16/lifeway-land-deal/56256458/1 |archive-date=March 8, 2013 |access-date=2013-08-06 |work=USA Today}}</ref> ''Christianity Today'' 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.<ref name="BuzzFeed_2013-08-03" /><ref name="Guardian_2013-08-05">{{cite news |last=McCarthy |first=Tom |date=August 5, 2013 |title=Newsweek is dead. Long live Newsweek? |url=https://www.theguardian.com/media/2013/aug/05/newsweek-acquisition-international-business-times |access-date=2013-08-06 |work=The Guardian |location=London}}</ref><ref name="Forbes_2013-08-05">{{cite news |last=Bercovici |first=Jeff |date=August 5, 2013 |title=Meet The Mysterious Duo Who Just Bought Newsweek |url=https://www.forbes.com/sites/jeffbercovici/2013/08/05/meet-the-mysterious-duo-who-just-bought-newsweek/ |access-date=2013-08-06 |work=Forbes |location=New York}}</ref> Executives characterize the relationship as between the institutions and not the founders, and that it was purely operational.<ref name="forbes" /><ref name="BuzzFeed_2013-08-03" />

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."<ref>{{Cite news |last=Jamali |first=Naveed |date=July 2, 2022 |title=New York Shuts Down Olivet University Amid Federal Money-Laundering Probe |url=https://www.newsweek.com/new-york-shuts-down-olivet-university-amid-federal-money-laundering-probe-1721221 |work=Newsweek}}</ref><ref>{{Cite news |last=Belz |first=Emily |date=July 6, 2022 |title=New York Shuts Down Embattled Olivet University Campus |url=https://www.christianitytoday.com/news/2022/july/new-york-olivet-university-campus-david-jang.html |work=Christianity Today}}</ref>

== References == {{Reflist|30em|refs=

<ref name=IBT_CorpTimeline> {{cite web | url = http://corp.ibt.com/about | title = Corporate Timeline | access-date = 2013-08-05 }}</ref>

<ref name=paid>{{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 }}</ref>

<ref name=bizrep> {{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 }}</ref>

<ref name=adage> {{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 }}</ref>

<ref name=mp> {{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 }}</ref>

<ref name=WSJ> {{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 }}</ref>

<ref name=forbes> {{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 }}</ref>

<ref name=fortune> {{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 }}</ref>

<ref name=IBT_CorpBrands> {{cite web | url = http://corp.ibt.com/brands | title = Corporate Brands | access-date = 2013-08-05 }}</ref>

}}

== External links ==

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

Category:IBT Media Category:Internet properties established in 2006 Category:2006 establishments in New York City