Etienne Uzac: Difference between revisions
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#REDIRECT [[IBT Media]] |
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{{Article for deletion/dated|page=Etienne Uzac|timestamp=20240901090010|year=2024|month=September|day=1|substed=yes|help=off}} |
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'''Etienne Uzac''' is a French businessman who co-founded the media company [[IBT Media]], which acquired [[Newsweek|Newsweek magazine]] in 2013. Uzac's tenure as the co-owner of Newsweek was marked by controversy and legal issues.<ref>{{Cite news |last=Tracy |first=Marc |date=2020-02-15 |title=A Former Owner of Newsweek Pleads Guilty in a Fraud Scheme |url=https://www.nytimes.com/2020/02/14/business/media/Etienne-Uzac-newsweek-fraud.html |access-date=2024-07-17 |work=The New York Times |language=en-US |issn=0362-4331}}</ref><ref>{{Cite web |last=Bercovici |first=Jeff |title=Meet The Mysterious Duo Who Just Bought Newsweek |url=https://www.forbes.com/sites/jeffbercovici/2013/08/05/meet-the-mysterious-duo-who-just-bought-newsweek/ |access-date=2024-07-17 |website=Forbes |language=en}}</ref><ref>{{Cite web |date=2020-02-14 |title=Ex-Newsweek owner dodges jail after pleading guilty in fraud scandal |url=https://nypost.com/2020/02/14/ex-newsweek-owner-dodges-jail-after-pleading-guilty-in-money-laundering-scandal/ |access-date=2024-07-17 |language=en-US}}</ref> |
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== Early career == |
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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 (businessman)|Johnathan Davis]].<ref>{{Cite web |title=IBT Media |url=https://ibt.media/timeline |access-date=2024-07-19 |website=ibt.media}}</ref> IBT Media operated a number of websites, including the [[International Business Times]].<ref>{{Cite news |last=Swaine |first=Jon |date=2014-03-28 |title=Faith and a media icon: Newsweek's unconventional new owners |url=https://www.theguardian.com/media/2014/mar/28/newsweek-new-owners-background |access-date=2024-07-17 |work=The Guardian |language=en-GB |issn=0261-3077}}</ref> |
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== Acquisition of Newsweek == |
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In 2013, IBT Media acquired Newsweek magazine from IAC/InterActive Corp for an undisclosed price.<ref>{{Cite web |last=Gold |first=Jill Disis,Hadas |date=2018-10-11 |title=Newsweek's former parent company indicted in fraud and money laundering case {{!}} CNN Business |url=https://www.cnn.com/2018/10/11/media/newsweek-indictment-ibt-media/index.html |access-date=2024-07-17 |website=CNN |language=en}}</ref> Under Uzac's leadership, IBT Media invested over $10 million into revitalizing Newsweek's website, editorial team, and print operations between 2013 and 2018.<ref>{{Cite web |last=Correspondent |first=Alex J. Rouhandeh Congressional |date=2022-07-03 |title=IBT Media Sues Newsweek CEO, Demanding He Return the Magazine |url=https://www.newsweek.com/ibt-media-sues-newsweek-ceo-demanding-he-return-magazine-1721301 |access-date=2024-07-17 |website=Newsweek |language=en}}</ref> |
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== Controversies == |
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In 2018, the [[Manhattan]] District Attorney's office seized 18 computer servers from Newsweek's headquarters, leading to a fraud and [[Money laundering|money-laundering]] investigation.<ref>{{Cite web |last=Correspondent |first=Alex J. Rouhandeh Congressional |date=2022-07-03 |title=IBT Media Sues Newsweek CEO, Demanding He Return the Magazine |url=https://www.newsweek.com/ibt-media-sues-newsweek-ceo-demanding-he-return-magazine-1721301 |access-date=2024-07-17 |website=Newsweek |language=en}}</ref> <ref>{{Cite news |last1=Rashbaum |first1=William K. |last2=Cohen |first2=Patricia |date=2018-10-11 |title=Newsweek's Former Owner Faces Fraud Charges |url=https://www.nytimes.com/2018/10/10/business/newsweek-ibt-fraud.html |access-date=2024-07-17 |work=The New York Times |language=en-US |issn=0362-4331}}</ref><ref>{{Cite web |last=Jacobs |first=Shayna |date=2018-10-11 |title=Founder of media company that owned Newsweek hauled into court on fraud charges |url=https://www.nydailynews.com/2018/10/11/founder-of-media-company-that-owned-newsweek-hauled-into-court-on-fraud-charges/ |access-date=2024-07-17 |website=New York Daily News |language=en-US}}</ref> |
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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.<ref>{{Cite web |last=Shellnutt |first=Kate |date=2020-02-20 |title=Ex-Christian Post Publisher, Bible College Convicted in $35M Fraud Scheme |url=https://www.christianitytoday.com/news/2020/february/ex-christian-post-publisher-cmc-ibt-olivet-fraud-scheme.html |access-date=2024-07-17 |website=News & Reporting |language=en}}</ref><ref>{{Cite web |date=2020-02-14 |title=Ex-Newsweek owner dodges jail after pleading guilty in fraud scandal |url=https://nypost.com/2020/02/14/ex-newsweek-owner-dodges-jail-after-pleading-guilty-in-money-laundering-scandal/ |access-date=2024-07-17 |language=en-US}}</ref> |
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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 [[New York Supreme Court|Supreme Court]] and the appellate court.<ref name=":0">{{Cite news |last=Wang |first=Beth |date=September 29, 2023 |title=Newsweek Sale Drew No Objection From Manhattan DA Despite Probe |url=https://news.bloomberglaw.com/litigation/newsweek-sale-drew-no-objection-from-manhattan-da-despite-probe |url-status=live |work=[[Bloomberg Law]]}}</ref> |
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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]].<ref name=":0" /><ref>[https://www.nybusinessdivorce.com/wp-content/uploads/sites/94/2023/07/2023_00535_NW_MEDIA_HOLDINGS_CORP_v_NW_MEDIA_HOLDINGS_CORP_APPELLANT_S_BRIEF_4.pdf Direct link to supreme court’s Pdf document on this case.]</ref> |
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== References == |
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<references /> |
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[[Category:Newsweek people]] |
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[[Category:French businesspeople]] |
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[[Category:Year of birth missing (living people)]] |
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[[Category:Living people]] |
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Latest revision as of 20:41, 15 September 2024
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