Corporate structure and revenue
IBT Media is a privately held company, owned by Etienne Uzac, a convicted felon. The company has not received outside funding, and has grown with a focus on being an "efficient company", concentrating on the "revenue side as well as on the expenses". It started in 2006, with personal savings, and SBA bank loan, and no input, financial or advisory, from VCs. It has been profitable since 2010. Since then it has acquired ''Partnerships
IBT Media says it has an ongoing "working relationship" with Olivet University which includes the school providing design assistance and computer resources, and IBT Media providing internships for students. It characterizes it as similar to the relationships Silicon Valley companies have with local universities. However, publication ''Controversies
In January 2018 Manhattan District Attorney staff raided the company's offices, taking away eighteen computer servers, in what ''Newsweek'' reported was part of an investigation into company finances. On 1 February 2018 co-owner and chairman, Etienne Uzac, and his wife Marion Kim who acted as finance director, resigned. Uzac was convicted, pleading guilty to avoid jail time. On February 20, 2018, ''Newsweek'' reported on the DA's investigation into its parent company, and its relationship with Olivet University. Following the publication of the story, several ''Newsweek'' staff were fired and some editors threatened to resign stating that management had tried to interfere in the story's publication (veteran IBT journalist Matthew Cooper did resign). On October 10, 2018, it was reported by the ''Wall Street Journal'' that IBT Media was charged with defrauding lenders. On June 30, 2022, the New York State Education Department officially ended Olivet's authorization to operate in the state citing that their failings "are part of a larger pattern of poor administration and addressing such problems only after being caught in a criminal conspiracy." On July 6, 2022, a lawsuit was filed in New York state by ''Newsweek''’s current owner, NW Media Holdings Corp., seeking to enforce IBT’s “contractual obligation to indemnify NW Media Holdings for the multi-million-dollar losses incurred as a result of IBT’s former mismanagement of ''Newsweek''.” The lawsuit also the lawsuit names several defendants in addition to IBT Media, a company that owned ''Newsweek'' until 2018, including religious leader David Jang and Etienne Uzac, a former CEO and chairman of ''Newsweek''. Additional lawsuits have been filed by ''Newsweek'' co-owners Johnathan Davis and Dev Pragad against each other, alleging various grievances including stolen trade secrets, records falsification and reputational damage.Innovations
IBT Media had run on a proprietary content management system that it has built over several years, though based on examination of the HTML source, it currently runs Drupal. The company started to tie-in real-time analytics into the newsroom as early as 2010, and based on those results, optimize follow-up content, positioning, and editorial calendars to serve readers. Social feedback is also built into the newsroom. The company has also created platforms for content. Bizu, a video platform for business professionals hosts content and also offers incremental revenue streams to content providers.Assets
*''Chronology
* 2006 – ''International Business Times'' incorporates in New York. * 2008–2010 – IBTimes launches specialty verticals: Jobs, Health, Real Estate, Education and Travel. * 2011 – IBTimes moves into ''Newsweeks old offices after 1,200% growth for the year. * 2012 – International Business Times reincorporates as IBT Media, the new parent company to IBTimes, and launches Bizu, a video web portal and platform. * 2013 – Medical Daily, HollywoodTake, and ''Latin Times'' are launched. * 2013 – ''Newsweek'' is acquired. * 2014 – ''Newsweek'' returns to print, and the ''Newsweek'' operations becomes profitable * 2017 – Company rebrands as Newsweek Media Group. * 2018 – ''Newsweek'' is spun off into a separate legal entity. * 2018 – Company rebrands back to IBT Media after separating from ''Newsweek''. *2020 – Former owner Etienne Uzac pleads guilty to money laundering and fraud.References
External links
* {{Official website, http://corp.ibt.com/ Internet properties established in 2006 2006 establishments in New York City