Capital New York is reporting that Newsweek, owned by IBT Media, is profitable once again.
The magazine has had an interesting run. The Washington Post Co. sold Newsweek to IBT Media last October as it was losing significant money. Newsweek then participated in a joint venture with The Daily Beast, which ultimately didn’t help the magazine get back into the black. At this point, the print edition of the magazine was ended.
Once IBT Media bought Newsweek, they brought the print edition back into the mix, but at a much smaller scale.
The digital side of Newsweek is doing well, according to Capital New York. “On the web side, newsweek.com is pulling in more than 2 million unique monthly visitors, up from a paltry 211,000 one year ago, according to the analytics firm comScore.”
An update to the Capital New York article shares a press release from Newsweek which states that its revenue has increased by 400 percent in the last year.