Newsweek, founded in 1933, has been a significant player in the American media landscape for decades. Its journey is marked by various ownership changes and key milestones that have shaped its identity and influence. This article delves into the historical development of Newsweek, highlighting the major transitions and events that have defined its path.
Founding and Early Years
Newsweek was launched by Thomas J. C. Martyn, a former foreign news editor for Time, with financial
backing from prominent U.S. stockholders, including Ward Cheney, John Hay Whitney, and Paul Mellon. The magazine's first issue was published on February 17, 1933, featuring seven photographs from the week's news on its cover.
In 1937, Newsweek merged with the weekly journal Today, founded by W. Averell Harriman and Vincent Astor. This merger brought additional venture capital and positioned Vincent Astor as the principal stockholder until his death in 1959. Under the leadership of Malcolm Muir, Newsweek emphasized interpretive stories, introduced signed columns, and launched international editions, solidifying its reputation as a leading news magazine.
Ownership by The Washington Post Company
In 1961, Newsweek was acquired by The Washington Post Company, marking a new era for the magazine. Osborn Elliott was appointed editor, and later editor-in-chief, during this period. Under Post ownership, Newsweek continued to expand its reach, publishing editions in multiple languages and maintaining a strong presence in international markets.
The magazine faced challenges in the 1970s, including a lawsuit filed by female employees alleging gender discrimination. The suit, supported by the ACLU, resulted in Newsweek agreeing to allow women to be reporters, a significant milestone in its history. Despite these challenges, Newsweek maintained its position as a prominent news source, known for its in-depth coverage of major events like the Watergate scandal.
Recent Ownership Changes and Developments
In 2010, facing financial difficulties, The Washington Post Company sold Newsweek to Sidney Harman for one dollar and the assumption of liabilities. Later that year, Newsweek merged with The Daily Beast, forming The Newsweek Daily Beast Company. This partnership aimed to combine Newsweek's journalistic depth with The Daily Beast's dynamic online presence.
In 2013, IBT Media acquired Newsweek, rebranding itself as Newsweek Media Group and relaunching the magazine in both print and digital formats. However, in 2018, Newsweek split from IBT Media, regaining its independence amid legal challenges faced by IBT Media's co-owner.
Today, Newsweek continues to thrive under the leadership of CEO Dev Pragad, with a strong digital presence and a commitment to quality journalism. Its historical journey, marked by significant ownership changes and key milestones, reflects its resilience and adaptability in the ever-evolving media landscape.
