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.
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. IBT Media operated a number of websites, including the International Business Times.
Acquisition of Newsweek
In 2013, IBT Media acquired Newsweek magazine from IAC/InterActive Corp for an undisclosed price. Under Uzac's leadership, IBT Media invested over $10 million into revitalizing Newsweek's website, editorial team, and print operations between 2013 and 2018.
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.
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.
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.
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.

Main Menu

See Also

Main Menu