What?!? Were the high standards of journalism over there not enough to keep them afloat?
Probably not. Their struggle to pay their bills came way before the November 2016 blunder.
It clearly didn’t help, though. They ditched their ‘unbiased’ tag and jumped all-in with the ‘progressive’ crowd as was clearly displayed when they printed selections from articles that had been prepared by journalists in the event of a Hillary presidency.
Newsweek’s problems are on top of the other issues that the ‘old media’ is dealing with in their struggle to maintain relevancy in the new digital age.
Long ago, before the internet changed media forever, Newsweek and Time used to be the twin pinnacles of news coverage with thorough reporting and in-depth research that can’t be done by the first-to-print race of the newspapers.
But all that has changed. It’s now all about who can garner the most clicks and get their stories to ‘go viral’ and get more viewers to their website. It’s been a really rough-go for magazines in the new reality.
Newsweek is one of the biggest names in American media that is struggling to stay in business. But it’s not limited to Newsweek Media Group, their parent company, International Business Times Inc. is also in financial distress.
In January, an investigation was launched into Newsweek’s finances, and investigators from the Manhattan District Attorney’s office raided the Newsweek building and confiscated servers as evidence in the criminal case.
Earlier this month, Newsweek fired both editor-in-chief Bob Roe and executive editor Ken Li.
Both Newsweek’s editor-in-chief Bob Roe and executive editor Ken Li have been fired, as well as investigative reporters Celeste Katz and Josh Saul in a day of chaos that left staffers wondering if they will receive paychecks.
All employees of Newsweek and sister organization International Business Times were sent home Monday, with the prospect of not being paid, according to TheWrap.
“IBT employees were not paid last night,” a Newsweek employee told TheWrap. “They claimed we were about to get paid by 3 and 5 today and if we don’t get paid by 5 I am going to lead the f—ing revolution.”
Source: The Daily Caller
Even the left-slanting Daily Beast is reporting on the problems over at Newsweek.
Looming investigations into Newsweek Media Group’s finances have demoralized the legacy magazine’s staff and left a cloud of doubt over the company’s long-term future. But now the company faces another more immediate issue: Whether it can stay in its New York headquarters.
Guardian Life Insurance, the sub-landlord for the company’s downtown Manhattan office, informed International Business Times Inc. in late November that it owed several hundred thousand dollars representing “unpaid, delinquent rent and additional rent.”
According an affidavit filed in New York County court in mid February, Guardian claims IBT currently owes the landlord $303,466 in rent.
Newsweek seems to be in denial and disputes the details of the situation.
The Daily Beast reached out to Newsweek prior to the publication of this story. After its publication, Newsweek provided comment: “Newsweek Media Group’s landlord discontinued all proceedings and withdrew all notices against the company. Newsweek Media Group is up to date on all rental payments.” When asked to provide documentation or clarification proving that, the spokesperson declined.
It’s not just the hundreds of thousands that they still need to pay in rent, they’ve been defaulting on their bills for a long time.
The company had stopped paying other bills months ago, racking up what Guardian claimed in early December as an additional $309,229 invoice for various utilities and fees.
IBT stopped paying its electric bill in July 2016, stopped paying for condensed water in September 2016, and lagged in paying rent on-time every month since July 2016—resulting in thousands of dollars worth of late fees. Newsweek also didn’t compensate Guardian for “real-estate taxes” for both 2016 and 2017, resulting in a $75,000 charge.
There have been multiple layoffs at Newsweek, but more are coming:
Multiple sources told The Daily Beast that editors were told also last Wednesday that layoffs were imminent, and the company had already laid off more staffers and editors on Friday and Monday.
And there are more ominous signs on the horizon.
The company has hemorrhaged advertisers in the wake of an ad-buying scandal, and has continued to lag in paying employees on-time, a practice that has dogged the company since its acquisition.
Few current or former staffers are surprised by the company’s refusal to pay rent.
“Them not paying is in the DNA,” one former employee told The Daily Beast. “From not paying freelancers to not paying rent, it’s just how they do business.”
Source: The Daily Beast
Gee, maybe caving to the leftists wasn’t such a great plan after all.
So long, Newsweek, it’s been nice knowing ya.
by Doug Giles
Doug Giles, best-selling author of Raising Righteous And Rowdy Girls and Editor-In-Chief of the mega-blog, ClashDaily.com, has just penned a book he guarantees will kick hipster males into the rarefied air of masculinity. That is, if the man-child will put down his frappuccino; shut the hell up and listen and obey everything he instructs them to do in his timely and tornadic tome. Buy Now:The Effeminization Of The American Male
What Jim Acosta, Rachel Maddow and the Rest of The Media (D) STILL haven’t figured out yet is why we call them ‘Fake News’.
Let’s spell it out for them. In a shirt.
Because you know they won’t be able to figure it out on their own.
There’s a ladies’ version…
And a men’s version…
The problem isn’t just the lies they tell…
It’s the truth they DON’T tell…
And the opinions laced right through them.
And the best part? This shirt is made in the USA, printed in the USA, on an American-Made t-shirt press!
*** VETERAN OPERATED ***