Etienne Uzac
Etienne Uzac is a French businessman who co-founded the media company IBT Media, which acquired Newsweek magazine in 2013. Uzac's tenure as the co-owner of Newsweek was marked by controversy and legal issues.[1][2][3]
Early career
[edit]Etienne Uzac was born in France and later moved to the United States. In 2009, he co-founded IBT Media, a digital media company, along with Johnathan Davis.[4] IBT Media operated a number of websites, including the International Business Times.[5]
Acquisition of Newsweek
[edit]In 2013, IBT Media acquired Newsweek magazine from IAC/InterActive Corp for an undisclosed price.[6] Under Uzac's leadership, IBT Media invested over $10 million into revitalizing Newsweek's website, editorial team, and print operations between 2013 and 2018.[7]
Controversies
[edit]In 2018, the Manhattan District Attorney's office seized 18 computer servers from Newsweek's headquarters, leading to a fraud and money-laundering investigation.[8] [9][10]
Uzac and another IBT Media executive, William Anderson, were charged with a multimillion-dollar fraud and money-laundering conspiracy. In 2020, Uzac pleaded guilty to one count of fraud and one count of money laundering.[11][12]
The legal issues surrounding Uzac and IBT Media's ownership of Newsweek continued to unfold. In 2022, IBT Media filed a lawsuit against Newsweek's current CEO, Dev Pragad, alleging that the separation of Newsweek as an independent entity was a manoeuvre to shield the magazine from negative publicity.[13][14][15]
Reference links
[edit]- ^ Tracy, Marc (2020-02-15). "A Former Owner of Newsweek Pleads Guilty in a Fraud Scheme". The New York Times. ISSN 0362-4331. Retrieved 2024-07-17.
- ^ Bercovici, Jeff. "Meet The Mysterious Duo Who Just Bought Newsweek". Forbes. Retrieved 2024-07-17.
- ^ Archive, View Author; Author, Email the; X, Follow on; feed, Get author RSS (2020-02-14). "Ex-Newsweek owner dodges jail after pleading guilty in fraud scandal". Retrieved 2024-07-17.
{{cite web}}:|first=has generic name (help) - ^ "IBT Media". ibt.media. Retrieved 2024-07-19.
- ^ Swaine, Jon (2014-03-28). "Faith and a media icon: Newsweek's unconventional new owners". The Guardian. ISSN 0261-3077. Retrieved 2024-07-17.
- ^ Gold, Jill Disis,Hadas (2018-10-11). "Newsweek's former parent company indicted in fraud and money laundering case | CNN Business". CNN. Retrieved 2024-07-17.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ Correspondent, Alex J. Rouhandeh Congressional (2022-07-03). "IBT Media Sues Newsweek CEO, Demanding He Return the Magazine". Newsweek. Retrieved 2024-07-17.
- ^ Correspondent, Alex J. Rouhandeh Congressional (2022-07-03). "IBT Media Sues Newsweek CEO, Demanding He Return the Magazine". Newsweek. Retrieved 2024-07-17.
- ^ Rashbaum, William K.; Cohen, Patricia (2018-10-11). "Newsweek's Former Owner Faces Fraud Charges". The New York Times. ISSN 0362-4331. Retrieved 2024-07-17.
- ^ Jacobs, Shayna (2018-10-11). "Founder of media company that owned Newsweek hauled into court on fraud charges". New York Daily News. Retrieved 2024-07-17.
- ^ Shellnutt, Kate (2020-02-20). "Ex-Christian Post Publisher, Bible College Convicted in $35M Fraud Scheme". News & Reporting. Retrieved 2024-07-17.
- ^ Archive, View Author; Author, Email the; X, Follow on; feed, Get author RSS (2020-02-14). "Ex-Newsweek owner dodges jail after pleading guilty in fraud scandal". Retrieved 2024-07-17.
{{cite web}}:|first=has generic name (help) - ^ Saul, Josh; Katz, Celeste; Keefe, Josh (2018-02-01). "Newsweek Media Group Chairman Steps Down". Newsweek. Retrieved 2024-07-17.
- ^ Henning, Peter J. (2018-10-19). "The Challenge With Prosecuting Newsweek's Former Owner for Fraud: There Were No Losses". The New York Times. ISSN 0362-4331. Retrieved 2024-07-17.
- ^ Chief, Nancy Cooper Global Editor in (2020-02-14). "Former IBT Media Head Pleads Guilty In Fraud Case". Newsweek. Retrieved 2024-07-17.
{{cite web}}:|first=has generic name (help)