Who Owns Newsweek Magazine?

8431849810_87844d1666_q_question-mark-thinkingWho owns Newsweek Magazine?  In 2013,  International Business Times (IBTimes) acquired Newsweek, the acquisition included the Newsweek brand and its online publication.  IBT CEO Etienne Uzac, a Californian electrical engineering graduate owns 55 percent of the company and chief content officer Johnathan Davis, a French-South African economist owns 45 percent of the company.

The acquisition of Newsweek by IBTimes was made without taking on outside investors by two men who have no background in news, media or publishing but are the subject of reports linking them to David Jang, a controversial Korean pastor who is also the founder of Olivet University.  Davis’ wife, Tracy, is the university’s president, reports the Guardian.

Forbes reports, “Doubt that IBT could be paying for all of its hiring and real estate with nothing more than the ads it serves to 13 million readers has been fueled by reports of the founders’ close ties to Korean religious leader David Jang, Olivet University and the World Evangelical Alliance. The fact that neither Uzac nor Etienne had any background in news, media or publishing before starting the site also seemed odd.”

Reports by Mother Jones and Christianity Today , show a connection, that IBTimes is a part of David Jang’s network.  “But the connections between IBT and Jang’s Community, a Mother Jones investigation has found, go much further than Davis and Uzac have acknowledged. Thousands of pages of public records and internal documents—ranging from emails to budgets and strategic plans—and interviews with more than a dozen former IBT employees and members of Jang’s inner circle make clear that” there is a link between IBTimes and Jang.

Investigation into Daivd Jang  by Christianity Today claimed that documentary evidence indicated he was once “involved in” the Unification Church of the Rev Sun Myung Moon and some of Jang’s senior followers hailed him as the “second coming Christ.”

Online:  Mother Jones:  Who’s Behind Newsweek
Christianity Today:  Company with Ties to David Jang Buys ‘Newsweek’
Forbes:  Meet The Mysterious Duo Who Just Bought Newsweek
Guardian:  Faith and a media icon: Newsweek’s unconventional new owners

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