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IBT Media

October 15, 2023

IBT Media is an American global digital news organization with over 90 million monthly readers, owned by followers of religious leader David Jang.[1][2] It publishes the International Business Times and Medical Daily, among others. IBT Media is headquartered in New York City, in the Hanover Square neighborhood of Lower Manhattan.[3] As of 2014, the company posted revenue of about $21 million and generated a profit of about $500,000.[1]

IBT Media
Type of site
Publication
OwnerEtienne Uzac, Johnathan Davis
URLcorp.ibt.com
CommercialYes
Launched2006; 17 years ago (2006) (as IBT Media)
Current statusActive

Overview Edit

Founded as IBT Media in 2006, the company has several brands that it has built organically through specialty vertical sites and also international editions.[4]

IBT Media focuses on online publication.

Corporate structure and revenue Edit

IBT Media is a privately held company, formerly owned by Etienne Uzac and Johnathan Davis.[5] The company has not received outside funding,[6] and has grown with a focus on being an "efficient company", concentrating on the "revenue side as well as on the expenses".[7][8]

It started in 2006, with personal savings, an SBA bank loan, and no input, financial or advisory, from VCs.[clarification needed][6] It has been profitable since 2010.[4][6][7][8]

It has also grown through the acquisition of Newsweek.[9]

The company derives its profits primarily from advertising and has been profitable since 2010.[8] It says it has recently undertaken new ventures to become a "multi-product global media group"[10] and to diversify capital, including adopting Newsweek's subscription models across its properties, and launching a new business-to-business arm.[4][7][11]

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.

Partnerships Edit

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.[9] However, publication Christianity Today alleges that IBT Media has a close relationship both with Olivet and with its founder, controversial[9][12] 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.[9][13][14] Executives characterize the relationship as between the institutions and not the founders, and that it was purely operational.[8][9]

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".[15] 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.[10][16]

The company's brands publish to a number of 3rd party platforms, including Flipboard, Zite, and The Washington Post's Social Reader.[17]

Controversies Edit

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.[18][19] Uzac was convicted, pleading guilty to avoid jail time.[20]

On February 20, 2018, Newsweek reported on the DA's investigation into its parent company, and its relationship with Olivet University.[19][21]

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).[22][23] On October 10, 2018, it was reported by the Wall Street Journal that IBT Media was charged with defrauding lenders.[24]

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."[25][26]

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.”[27] 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.[28] 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.[29]

Innovations Edit

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.[30]

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.[10]

Assets Edit

  • International Business Times – global business and economic news, in seven languages across ten editions[31]
  • Medical Daily – medical news site[32]
  • Latin Times – Latin American-oriented news site[33]
  • iDigitalTimes (now Player One) – technology and digital media news site[34]

Chronology Edit

  • 2006 – International Business Times incorporates in New York.[35]
  • 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.[3]
  • 2012 – International Business Times reincorporates as IBT Media, the new parent company to IBTimes, and launches Bizu, a video web portal and platform.[16]
  • 2013 – Medical Daily, HollywoodTake, and Latin Times[36] are launched.
  • 2013 – Newsweek is acquired.[37][38]
  • 2014 – Newsweek returns to print,[39] and the Newsweek operations becomes profitable[40]
  • 2017 – Company rebrands as Newsweek Media Group.[41]
  • 2018 – Newsweek is spun off into a separate legal entity.[42]
  • 2018 – Company rebrands back to IBT Media after separating from Newsweek.[43]
  • 2020 – Former owner Etienne Uzac pleads guilty to money laundering and fraud.

References Edit

  1. ^ a b Kaufman, Leslie. "Tiny Digital Publisher to Put Newsweek Back in Print". NYTimes. Retrieved August 14, 2014.
  2. ^ "Newsweek sues former owners, controversial pastor David Jang, seeking millions". Religion News Service. July 8, 2022.
  3. ^ a b Stoeffel, Kat (July 6, 2011). "Braving Bad Juju, International Business Times Moves Into Newsweek's Old Newsroom". The New York Observer. Retrieved October 9, 2011.
  4. ^ a b c Rondon, Michael. . Folio. Archived from the original on August 9, 2013. Retrieved August 6, 2013.
  5. ^ Tracy, Marc (February 14, 2020). "A Former Owner of Newsweek Pleads Guilty in a Fraud Scheme". The New York Times. ISSN 0362-4331. Retrieved October 28, 2020.
  6. ^ a b c . Fortune. Archived from the original on August 10, 2013. Retrieved August 6, 2013.
  7. ^ a b c Sebastian, Michael. "What IBTimes wants with Newsweek". adage. Retrieved August 6, 2013.
  8. ^ a b c d Bercovici, Jeff (August 5, 2013). "Meet the mysterious duo who just bought Newsweek". Forbes. New York. Retrieved August 6, 2013.
  9. ^ a b c d e Lauria, Peter (August 3, 2013). "Newsweek's New Owners Say They Bought "A Lot Of Cachet"". BuzzFeed. Retrieved August 6, 2013.
  10. ^ a b c Knight, Kristina (January 14, 2013). "New platform to focus on business related media". BizReport. Retrieved August 6, 2013.
  11. ^ Politi, Daniel. "Where the second minute story counts more than the first". Slate. Retrieved August 6, 2013.
  12. ^ Smietana, Bob (July 16, 2012). . USA Today. Archived from the original on March 8, 2013. Retrieved August 6, 2013.
  13. ^ McCarthy, Tom (August 5, 2013). "Newsweek is dead. Long live Newsweek?". The Guardian. London. Retrieved August 6, 2013.
  14. ^ Bercovici, Jeff (August 5, 2013). "Meet The Mysterious Duo Who Just Bought Newsweek". Forbes. New York. Retrieved August 6, 2013.
  15. ^ Siegel, Fern. "Economist Ideas Channel Targets Elite". MediaPost. Retrieved August 6, 2013.
  16. ^ a b . Archived from the original on January 17, 2013. Retrieved August 5, 2013.
  17. ^ Owen, Laura Hazard (July 23, 2012). . PaidContent. Archived from the original on August 26, 2013. Retrieved August 6, 2013.
  18. ^ Gold, Hadas (February 1, 2018). "Chair of embattled Newsweek Media Group resigns". CNN Money. Retrieved February 22, 2018.
  19. ^ a b Katz, Celeste; Keefe, Josh; Saul, Josh (February 20, 2018). "Why Is the Manhattan DA Looking at Newsweek's Ties to a Christian University?". Newsweek. Retrieved February 22, 2018.
  20. ^ Tracy, Marc (February 14, 2020). "A Former Owner of Newsweek Pleads Guilty in a Fraud Scheme". The New York Times. ISSN 0362-4331. Retrieved October 28, 2020.
  21. ^ IBT Staff Report (February 21, 2018). "Newsweek Media Group Will Work More Closely With Christian University, Founder Says". International Business Times.
  22. ^ Rushe, Dominic (February 21, 2018). "Newsweek plunged into chaos by its own reporters' exposé". The Guardian. Retrieved February 22, 2018.
  23. ^ Schmidt, Samantha (February 21, 2018). . Washington Post. Chicago Tribune. Archived from the original on February 21, 2018. Retrieved February 22, 2018.
  24. ^ Alpert, Lukas I.; O'Brien, Rebecca Davis (October 10, 2018). "Newsweek's Parent Company Charged With Defrauding Lenders". Wall Street Journal. ISSN 0099-9660. Retrieved October 10, 2018.
  25. ^ Jamali, Naveed (July 2, 2022). "New York Shuts Down Olivet University Amid Federal Money-Laundering Probe". Newsweek.
  26. ^ Belz, Emily (July 6, 2022). "New York Shuts Down Embattled Olivet University Campus". Christianity Today.
  27. ^ Smietana, Bob; Jenkins, Jack (July 7, 2022). "Newsweek sues former owners, controversial pastor David Jang, seeking millions". Religious News Service.
  28. ^ Rouhandeh, Alex J. (July 8, 2022). "Newsweek Sues David Jang, Leader of Sect Under Federal Investigation". Newsweek.
  29. ^ Bruell, Alexandra (July 29, 2022). "Newsweek Engulfed in Legal Drama as Co-Owners Sue Each Other". The Wall Street Journal.
  30. ^ Moses, Lucia. "Newsweek Relaunches in Print". AdWeek. Retrieved March 6, 2014.
  31. ^ "Corporate Brands". Retrieved August 5, 2013.
  32. ^ "About Us". Medical Daily. IBT Media. Retrieved December 26, 2014.
  33. ^ "About Us". Latin Times. IBT Media. Retrieved December 26, 2014.
  34. ^ . iDigitalTimes. IBT Media. Archived from the original on January 6, 2015. Retrieved December 26, 2014.
  35. ^ "Corporate Timeline". Retrieved August 5, 2013.
  36. ^ Martinez, Laura. "IBT Media Launches 'The Latin Times' Targeting U.S. Hispanics". Portada. Retrieved August 5, 2013.
  37. ^ Haughney, Christine (August 4, 2013). "Newsweek, Sold in 2010, Changing Hands Again". The New York Times. Retrieved August 5, 2013.
  38. ^ Launder, William (August 3, 2013). "IBT Media to Buy Newsweek from IAC". The Wall Street Journal. New York. Retrieved August 5, 2013.
  39. ^ "Tiny Digital Publisher to Put Newsweek Back in Print". The New York Times. March 3, 2014.
  40. ^ . Archived from the original on December 23, 2015. Retrieved November 26, 2014.
  41. ^ "IBT Media Is Rebranding as Newsweek Media Group". Retrieved November 10, 2018.
  42. ^ "Newsweek Media Group Splits into Separate Companies: Newsweek, IBT Media". Retrieved November 10, 2018.
  43. ^ Newsweek. "Newsweek Media Group Splits Into Two Companies -- Newsweek & IBT Media". www.prnewswire.com. Retrieved November 10, 2018.

External links Edit

  • Official website

October 15, 2023
media, american, global, digital, news, organization, with, over, million, monthly, readers, owned, followers, religious, leader, david, jang, publishes, international, business, times, medical, daily, among, others, headquartered, york, city, hanover, square,. IBT Media is an American global digital news organization with over 90 million monthly readers owned by followers of religious leader David Jang 1 2 It publishes the International Business Times and Medical Daily among others IBT Media is headquartered in New York City in the Hanover Square neighborhood of Lower Manhattan 3 As of 2014 the company posted revenue of about 21 million and generated a profit of about 500 000 1 IBT MediaType of sitePublicationOwnerEtienne Uzac Johnathan DavisURLcorp wbr ibt wbr comCommercialYesLaunched2006 17 years ago 2006 as IBT Media Current statusActive Contents 1 Overview 2 Corporate structure and revenue 3 Partnerships 4 Controversies 5 Innovations 6 Assets 7 Chronology 8 References 9 External linksOverview EditFounded as IBT Media in 2006 the company has several brands that it has built organically through specialty vertical sites and also international editions 4 IBT Media focuses on online publication Corporate structure and revenue EditIBT Media is a privately held company formerly owned by Etienne Uzac and Johnathan Davis 5 The company has not received outside funding 6 and has grown with a focus on being an efficient company concentrating on the revenue side as well as on the expenses 7 8 It started in 2006 with personal savings an SBA bank loan and no input financial or advisory from VCs clarification needed 6 It has been profitable since 2010 4 6 7 8 It has also grown through the acquisition of Newsweek 9 The company derives its profits primarily from advertising and has been profitable since 2010 8 It says it has recently undertaken new ventures to become a multi product global media group 10 and to diversify capital including adopting Newsweek s subscription models across its properties and launching a new business to business arm 4 7 11 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 Partnerships EditIBT 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 9 However publication Christianity Today alleges that IBT Media has a close relationship both with Olivet and with its founder controversial 9 12 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 9 13 14 Executives characterize the relationship as between the institutions and not the founders and that it was purely operational 8 9 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 15 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 10 16 The company s brands publish to a number of 3rd party platforms including Flipboard Zite and The Washington Post s Social Reader 17 Controversies EditIn 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 18 19 Uzac was convicted pleading guilty to avoid jail time 20 On February 20 2018 Newsweek reported on the DA s investigation into its parent company and its relationship with Olivet University 19 21 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 22 23 On October 10 2018 it was reported by the Wall Street Journal that IBT Media was charged with defrauding lenders 24 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 25 26 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 27 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 28 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 29 Innovations EditIBT 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 30 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 10 Assets EditInternational Business Times global business and economic news in seven languages across ten editions 31 Medical Daily medical news site 32 Latin Times Latin American oriented news site 33 iDigitalTimes now Player One technology and digital media news site 34 Chronology Edit2006 International Business Times incorporates in New York 35 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 3 2012 International Business Times reincorporates as IBT Media the new parent company to IBTimes and launches Bizu a video web portal and platform 16 2013 Medical Daily HollywoodTake and Latin Times 36 are launched 2013 Newsweek is acquired 37 38 2014 Newsweek returns to print 39 and the Newsweek operations becomes profitable 40 2017 Company rebrands as Newsweek Media Group 41 2018 Newsweek is spun off into a separate legal entity 42 2018 Company rebrands back to IBT Media after separating from Newsweek 43 2020 Former owner Etienne Uzac pleads guilty to money laundering and fraud References Edit a b Kaufman Leslie Tiny Digital Publisher to Put Newsweek Back in Print NYTimes Retrieved August 14 2014 Newsweek sues former owners controversial pastor David Jang seeking millions Religion News Service July 8 2022 a b Stoeffel Kat July 6 2011 Braving Bad Juju International Business Times Moves Into Newsweek s Old Newsroom The New York Observer Retrieved October 9 2011 a b c Rondon Michael Meet IBT Media The Future of Newsweek Folio Archived from the original on August 9 2013 Retrieved August 6 2013 Tracy Marc February 14 2020 A Former Owner of Newsweek Pleads Guilty in a Fraud Scheme The New York Times ISSN 0362 4331 Retrieved October 28 2020 a b c The mysterious company that just bought Newsweek Fortune Archived from the original on August 10 2013 Retrieved August 6 2013 a b c Sebastian Michael What IBTimes wants with Newsweek adage Retrieved August 6 2013 a b c d Bercovici Jeff August 5 2013 Meet the mysterious duo who just bought Newsweek Forbes New York Retrieved August 6 2013 a b c d e Lauria Peter August 3 2013 Newsweek s New Owners Say They Bought A Lot Of Cachet BuzzFeed Retrieved August 6 2013 a b c Knight Kristina January 14 2013 New platform to focus on business related media BizReport Retrieved August 6 2013 Politi Daniel Where the second minute story counts more than the first Slate Retrieved August 6 2013 Smietana Bob July 16 2012 LifeWay land deal with Calif school faces scrutiny USA Today Archived from the original on March 8 2013 Retrieved August 6 2013 McCarthy Tom August 5 2013 Newsweek is dead Long live Newsweek The Guardian London Retrieved August 6 2013 Bercovici Jeff August 5 2013 Meet The Mysterious Duo Who Just Bought Newsweek Forbes New York Retrieved August 6 2013 Siegel Fern Economist Ideas Channel Targets Elite MediaPost Retrieved August 6 2013 a b Cynopsis Digital Archived from the original on January 17 2013 Retrieved August 5 2013 Owen Laura Hazard July 23 2012 IBT Media Launches The Latin Times Targeting U S Hispanics PaidContent Archived from the original on August 26 2013 Retrieved August 6 2013 Gold Hadas February 1 2018 Chair of embattled Newsweek Media Group resigns CNN Money Retrieved February 22 2018 a b Katz Celeste Keefe Josh Saul Josh February 20 2018 Why Is the Manhattan DA Looking at Newsweek s Ties to a Christian University Newsweek Retrieved February 22 2018 Tracy Marc February 14 2020 A Former Owner of Newsweek Pleads Guilty in a Fraud Scheme The New York Times ISSN 0362 4331 Retrieved October 28 2020 IBT Staff Report February 21 2018 Newsweek Media Group Will Work More Closely With Christian University Founder Says International Business Times Rushe Dominic February 21 2018 Newsweek plunged into chaos by its own reporters expose The Guardian Retrieved February 22 2018 Schmidt Samantha February 21 2018 Newsweek publishes expose about itself after controversial staff firings Washington Post Chicago Tribune Archived from the original on February 21 2018 Retrieved February 22 2018 Alpert Lukas I O Brien Rebecca Davis October 10 2018 Newsweek s Parent Company Charged With Defrauding Lenders Wall Street Journal ISSN 0099 9660 Retrieved October 10 2018 Jamali Naveed July 2 2022 New York Shuts Down Olivet University Amid Federal Money Laundering Probe Newsweek Belz Emily July 6 2022 New York Shuts Down Embattled Olivet University Campus Christianity Today Smietana Bob Jenkins Jack July 7 2022 Newsweek sues former owners controversial pastor David Jang seeking millions Religious News Service Rouhandeh Alex J July 8 2022 Newsweek Sues David Jang Leader of Sect Under Federal Investigation Newsweek Bruell Alexandra July 29 2022 Newsweek Engulfed in Legal Drama as Co Owners Sue Each Other The Wall Street Journal Moses Lucia Newsweek Relaunches in Print AdWeek Retrieved March 6 2014 Corporate Brands Retrieved August 5 2013 About Us Medical Daily IBT Media Retrieved December 26 2014 About Us Latin Times IBT Media Retrieved December 26 2014 About Us iDigitalTimes IBT Media Archived from the original on January 6 2015 Retrieved December 26 2014 Corporate Timeline Retrieved August 5 2013 Martinez Laura IBT Media Launches The Latin Times Targeting U S Hispanics Portada Retrieved August 5 2013 Haughney Christine August 4 2013 Newsweek Sold in 2010 Changing Hands Again The New York Times Retrieved August 5 2013 Launder William August 3 2013 IBT Media to Buy Newsweek from IAC The Wall Street Journal New York Retrieved August 5 2013 Tiny Digital Publisher to Put Newsweek Back in Print The New York Times March 3 2014 Newsweek announces it s profitable Archived from the original on December 23 2015 Retrieved November 26 2014 IBT Media Is Rebranding as Newsweek Media Group Retrieved November 10 2018 Newsweek Media Group Splits into Separate Companies Newsweek IBT Media Retrieved November 10 2018 Newsweek Newsweek Media Group Splits Into Two Companies Newsweek amp IBT Media www prnewswire com Retrieved November 10 2018 External links EditOfficial website Retrieved from https en wikipedia org w index php title IBT Media amp oldid 1176724357, wikipedia, wiki, book, books, library,

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