Etienne Uzac

Founder of IBT Media

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

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

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

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]

In 2022, Etienne Uzac and IBT Media filed a lawsuit against Newsweek and Newsweek’s CEO, Dev Pragad, alleging that the spin-off of Newsweek as an independent entity was intended to protect Newsweek from the repercussions of Uzac and IBT Media’s criminal conviction. However, the justices expressed skepticism about IBT Media’s claim that the transaction was a temporary arrangement and that they should regain ownership of the publication. The lawsuit was dismissed by both the Supreme Court and the appellate court.[13]

The ongoing litigation involves Newsweek seeking to recover damages from IBT Media, Etienne Uzac, Korean-American pastor David Jang, who founded a Christian group called The Community, and Olivet University.[13][14]

References

  1. ^ 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.
  2. ^ Bercovici, Jeff. "Meet The Mysterious Duo Who Just Bought Newsweek". Forbes. Retrieved 2024-07-17.
  3. ^ "Ex-Newsweek owner dodges jail after pleading guilty in fraud scandal". 2020-02-14. Retrieved 2024-07-17.
  4. ^ "IBT Media". ibt.media. Retrieved 2024-07-19.
  5. ^ Swaine, Jon (2014-03-28). "Faith and a media icon: Newsweek's unconventional new owners". The Guardian. ISSN 0261-3077. Retrieved 2024-07-17.
  6. ^ 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)
  7. ^ Correspondent, Alex J. Rouhandeh Congressional (2022-07-03). "IBT Media Sues Newsweek CEO, Demanding He Return the Magazine". Newsweek. Retrieved 2024-07-17.
  8. ^ Correspondent, Alex J. Rouhandeh Congressional (2022-07-03). "IBT Media Sues Newsweek CEO, Demanding He Return the Magazine". Newsweek. Retrieved 2024-07-17.
  9. ^ 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.
  10. ^ 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.
  11. ^ Shellnutt, Kate (2020-02-20). "Ex-Christian Post Publisher, Bible College Convicted in $35M Fraud Scheme". News & Reporting. Retrieved 2024-07-17.
  12. ^ "Ex-Newsweek owner dodges jail after pleading guilty in fraud scandal". 2020-02-14. Retrieved 2024-07-17.
  13. ^ a b Wang, Beth (September 29, 2023). "Newsweek Sale Drew No Objection From Manhattan DA Despite Probe". Bloomberg Law.{{cite news}}: CS1 maint: url-status (link)
  14. ^ Direct link to supreme court’s Pdf document on this case.