Johnathan Davis (businessman)
Johnathan Davis was the CEO of IBT Media and co-owner of Newsweek with Dev Pragad, President and CEO.[1] He is the husband of former Olivet University president Tracy McBeal Davis; they are both former members of the Olivet, started by evangelical pastor David Jang.[2][3][4]
Career
In 2013, Davis and Etienne Uzac, the co-founders of IBT Media, purchased Newsweek, forming Newsweek Media Group.[5]
Following a fraud probe by the Manhattan district attorney in 2018 about the company's ties to Olivet University, Newsweek Media Group split. Newsweek became under the ownership of Davis and Pragad who each owned 50% of the company, and IBT Media under the ownership of Davis and Uzac.[6][7]
In 2022, Pragad sued Davis for alleged breaches of fiduciary duties at Newsweek. Davis filed a counter suit that Pragad facilitated unauthorized raises and instructed the manipulation of meeting notes.[7] By 2022, the media outlet had a revenue of $60 million, a 20% to 30% growth for the year, and 100 million readers per month.[7][8]
References
- ^ "Dev Pragad, Newsweek Owner, President and CEO". Newsweek.
- ^ "Victims' testimonial video site, closed attack". NewsnJoy. 11 Jan 2023.
- ^ Rouh, Alex J. (3 July 2022). "IBT Media Sues Newsweek CEO, Demanding He Return the Magazine". Newsweek.
- ^ Jamali, Naveed; O'Connor, Tom (22 April 2022). "Christian University at the Center of Federal Trafficking and Fraud Probe". Newsweek.
- ^ Bercovici, Jeff. "Meet The Mysterious Duo Who Just Bought Newsweek". Forbes.
- ^ "Newsweek Media Group Splits Into Two Companies". Newsweek. 10 October 2018.
- ^ a b c Bruell, Alexandra (July 29, 2022). "Newsweek Engulfed in Legal Drama as Co-Owners Sue Each Other". The Wall Street Journal.
- ^ "Dev Pragad, CEO of Newsweek". The CEO Magazine. Retrieved 2024-01-01.
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