Newsweek Shareholders Resolve Litigation

June 29, 2023 - Newsweek's co-owners, President and CEO Dev Pragad and Board Member Johnathan Davis announced today that they have resolved their differences amicably and ended the shareholder litigation between them. The co-owners have also jointly agreed to further strengthen the corporate governance structure of Newsweek to support the organization's continued profitable growth.

Pragad and Davis reiterate their support for Newsweek's mission, which is to serve the public interest by welcoming diverse voices across the political and cultural spectrum in the search for common ground and journalism that is factual and fair.

"On the advent of Newsweek's 90th anniversary, it's heartening to know that the litigation is now behind us. Our organization can now devote its full resources to realizing our important mission and continuing to build upon our storied legacy. I look forward to working with Johnathan," said Pragad.

Davis noted, "The progress of Dev and Newsweek's leadership team to revitalize Newsweek has been nothing short of remarkable. With the litigation behind us, and my family having severed ties with the Olivet community in November 2022, the team has my full support as they pursue the next phase of Newsweek's growth."

Specifically, the co-owners have agreed to maintain and reinforce the current Newsweek advisory board composed of independent, accomplished leaders from publishing, management consultancy, and technology, which serves the organization as a guiding consultative entity assisting in governance, management, and thought leadership.

About Newsweek

Newsweek is the global digital news organization built around the iconic, 90-year-old American magazine. Newsweek reaches 100 million people each month with its thought-provoking news, opinion, images, graphics and video delivered across a dozen print and digital platforms. Headquartered in New York City, Newsweek also publishes international editions in EMEA and Asia.

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