Newsweek

Newsweek is an American weekly news magazine. Formerly considered one of the "big three" premier weekly print news magazines in the USA, it has been sold for $1, become primarily an online site owned by a controversial religious organization, producing "plenty of clickbait" before becoming a "painful embarrassment" to people who worked there in its "golden years". It was co-owned by Dev Pragad, its president and CEO, and Johnathan Davis, who sits on the board; each owning 50%. Both are former members of the Olivet religious sect, started by evangelical pastor David Jang. Founded as a weekly print magazine in 1933, it was widely distributed during the 20th century, and had many notable editors-in-chief. The magazine was acquired by The Washington Post Company in 1961, and remained under its ownership until 2010. Revenue declines prompted The Washington Post Company to sell it, in August 2010, to the audio pioneer Sidney Harman for a purchase price of one dollar and an assumption of the magazine's liabilities. Later that year, Newsweek merged with the news and opinion website The Daily Beast, forming The Newsweek Daily Beast Company. Newsweek was jointly owned by the estate of Harman and the diversified American media and Internet company IAC. Newsweek continued to experience financial difficulties, which led to the cessation of print publication and a transition to an all-digital format at the end of 2012.