History and Ownership

Newsweek is a premier news magazine and website that has delivered high-quality journalism to readers around the globe for more than 90 years.

Founded in New York in 1933, Newsweek presents the latest news, in-depth analysis and ideas about international issues, technology, business, culture and politics. In addition to its online and mobile presence, Newsweek publishes weekly English print editions in the United States, Europe/Middle East/Africa and Asia as well as editions in Japanese, Korean, Polish, Serbian and Spanish.

The global, digital news organization reaches 100 million people each month with news, opinion, images, graphics and video and is one of the world's best recognized and respected news brands. At least one in five Americans visits Newsweek.com every month.

Newsweek's biggest source of revenue is advertising, with subscriptions increasingly important. Smaller sources of income include affiliate revenue, sponsored content - which is always clearly identified as such - and syndication to Apple News, Microsoft News, Google News and others.

Newsweek was owned by the Washington Post Company between 1961 and 2010, when it was sold to audio tycoon and philanthropist Sidney Harman.

In 2011, Newsweek merged with The Daily Beast, owned by diversified internet company IAC. At the end of 2012, Newsweek ceased publishing its iconic print edition in the United States for over a year as it focused on its digital products.

IAC sold Newsweek in 2013 to IBT Media, a company with ties to the Rev. David Jang, leader of the World Olivet Assembly and founder of Olivet University.

Newsweek journalists report news about their owners with the same vigilance they apply to anyone else. In 2017, when IBT Media's owners came under investigation for fraud by the Manhattan District Attorney and investigators raided Newsweek's newsroom in January 2018, the newsroom covered the case and Newsweek's owners fired several journalists including the editor-in-chief, another editor and a reporter. Current Global Editor-in-Chief Nancy Cooper agreed to stay only after receiving guarantees of total editorial independence.

When criminal charges were brought against one of IBT Media's principals, Olivet and others in 2018, Chief Executive Officer Dev Pragad purchased a 50 percent stake in Newsweek. The other IBT Media principal, Johnathan Davis, retained his half of the company and became a silent partner, no longer involved in the management of Newsweek.

No charges were brought against Newsweek as a result of the Manhattan fraud and money laundering probe. Olivet, along with several of the other defendants, pleaded guilty to felonies.

Pragad, Newsweek's CEO and president, announced in 2022 that he had left Olivet and wanted to protect the company from "interference" by Olivet members. Davis followed suit in 2023. Their departures triggered a series of lawsuits, some of which involve Newsweek and are making their way through the courts.

The Newsweek newsroom has continued to publish journalism, including work documenting news about IBT Media, World Olivet Assembly, and Olivet University. The editorial team operates with total independence and a rigid divide is maintained between editorial and management/ownership.

For further information on how Newsweek covers its owners transparently, please read this account from Global Editor in Chief Nancy Cooper. This is where you can find Newsweek's latest coverage of matters related to Olivet.