IBT Media announces spin-off of Newsweek, as company unveils corporate restructuring
Not included in the announcement is news that the media company has eliminated between 30 and 40 positions, as Twitter lights up with tweets from staff who have lost their job
This website always gets the latest news from IBT Media… except when the news could be interpreted as bad. Today’s events at the company could definitely be seen that way. First, the company went through some layoffs. Reports say that between 30 and 40 positions were eliminated.
The second bit of news is that Newsweek is being spun-off. The weekly magazine has gone through the last few years.
Owned by The Washington Post Co. for years, it was sold in 2010 to audio pioneer Sidney Harman who merged it into a group with The Daily Beast. Tina Brown then edited the magazine and did, well, a pretty bad job. She famously let Niall Ferguson write a lead feature on “why Barack Obama needs to go.” No one takes Niall Ferguson seriously, though he continues to be a Professor of History at Harvard University (hits head against wall).
The magazine then was shuttered at the end of 2012, lasting just over a year under the new management. Then IBT Media picked it up in August of the following year and then resurrected the print edition. But… and this is the most important part, it kept its circulation at minuscule levels, far below its 1 million level it had when it was last audited.
Now, the magazine will be spun-off under the leadership of Jim Impoco, Newsweek’s Global Editor in Chief. Impoco told Keith Kelly of the Post that “We are in the black.” Kelly seems to believe everything he hears and dutifully wrote it, but it had to be BS.
What Newsweek needs if it is to survive is an owner that won’t mind losing money. Someone like Jeff Bezos, who just happens to own The Washington Post now. But news weeklies, no matter the quality of the journalism, really don’t make sense these days, which is why I think IBT Media kept the circulation of Newsweek so low.
Well, good luck to each side of this spin-off, and let’s hope that this move will prevent more layoffs in the future so we won’t get more tweets like this one:
It's been a great ride at IBT. Props to all my awesome newsroom peeps. Love you guys.
— Christopher Zara (@christopherzara) June 30, 2016
Here is IBT Media’s announcement:
New York, NY – June 30, 2016 — IBT Media, a privately held publishing firm that owns Newsweek, the International Business Times, and several other publications today is announcing a corporate restructuring.
Newsweek, one of the most respected brands in publishing, will split off into a separate operational entity. Jim Impoco, Newsweek’s Global Editor in Chief, will continue to lead the masthead.
Other IBT Media brands, including the International Business Times, Medical Daily, iDigitalTimes, Fashion Times, and the Latin Times, will be moved into a more integrated structure which will allow for both operational and editorial efficiencies.
Dayan Candappa will continue as the Global Editor-in-Chief of the International Business Times. Marc Perton, previously Editorial Director, Tech at IBT Media, will assume editorial oversight for Medical Daily, iDigitalTimes, Fashion Times, and the Latin Times.
“This restructuring will allow us to continue to support the growth of IBT Media and Newsweek” said Etienne Uzac, CEO of IBT Media. “Our overall plan, which includes some staff downsizing, is part of an overall plan to drive efficiencies throughout the company.”