IBT Media to acquire Newsweek

Updated 04 August 2013
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IBT Media to acquire Newsweek

NEW YORK CITY: The once-influential US publication Newsweek is being sold to the all-digital news publisher IBT Media, the company said in a statement Saturday.
Terms of the deal were not disclosed as the transaction is expected to close "in the coming days," the IBT statement read.
IBT Media is acquiring Newsweek and the publication's online operations from IAC/InterActiveCorp. The purchase does not include The Daily Beast, also owned by IAC.
"We believe in the Newsweek brand and look forward to growing it, fully transformed to the digital age," said Etienne Uzac, co-founder and chief executive officer of IBT Media.
Launched by a former Time magazine reporter in 1933, Newsweek reached a print circulation of three million by the early 1990s and published regional editions around the world.
However the magazine, like other print publications, struggled to cope with the flood of instant and often free news in the digital world and saw its revenue steadily decline.
In 2010 California billionaire Sidney Harman bought Newsweek from The Washington Post Group for a symbolic $1, and took over $40 million in liabilities. Newsweek then merged with The Daily Beast, owned by IAC.
The magazine ended its weekly print edition in December 2012, and IAC announced in May that it would sell Newsweek to concentrate on The Daily Beast.
IBT Media, founded in 2006, operates online news sites that include International Business Times, Medical Daily, Latin Times and iDigitalTimes. They say they have more than 30 million unique visitors to those sites each month.
"We respect the brand's long history of delivering high-quality, impactful journalism and believe this aligns well with IBT Media's culture and mission," Uzac said.
IBT Media co-founder and chief content officer Johnathan Davis said that the Newsweek brand "is strong around the world and we believe there is significant potential to leverage that as well as enhance the editorial offering and continue to modernize the operations and approach."


Apple’s Cook to China: keep opening for sake of global economy

Updated 23 March 2019
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Apple’s Cook to China: keep opening for sake of global economy

  • Cook’s comments come as Apple weathers sinking sales in China
  • Despite official pledges and repeated assurances that China would continue to open its markets

BEIJING: Apple chief executive Tim Cook nudged China on Saturday to open up and said the future would depend on global collaboration, as the United States and China remained locked in a bitter trade dispute.
“We encourage China to continue to open up, we see that as essential, not only for China to reach its full potential, but for the global economy to thrive,” Cook said at a China Development Forum in Beijing.
Despite official pledges and repeated assurances that China would continue to open its markets, some analysts worry that its reform project has slowed or even stalled under President Xi Jinping, who has sought greater control over the economy and a bigger role for state-owned firms at the expense of the private sector.
Cook’s comments come as Apple weathers sinking sales in China because of a contracting smartphone market, increasing pressure from Chinese rivals, and slowing upgrade cycles. The company reported a revenue drop of 26 percent in the greater China region during the quarter ending in December.
Before those results came out, in a January letter to investors, Cook blamed the company’s poor China performance on trade tension between the United States and China, suggesting that pressure on the economy was hurting sales in China.