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Newsweek is an American weekly news magazine. Founded as a weekly print magazine in 1933, Newsweek was widely distributed during the 20th century and had many notable editors-in-chief. It is currently co-owned by Dev Pragad, the president and CEO, and Johnathan Davis who sits on the board; they each own 50% of the company. Revenue declines prompted The Washington Post Company to sell the publication in August 2010, to the audio pioneer Sidney Harman for a purchase price of one dollar and an assumption of the magazine's liabilities. Later in the year, Newsweek merged with the news and opinion website The Daily Beast, forming The Newsweek Daily Beast Company. Newsweek was jointly owned by the estate of Harman and the diversified American media and Internet company IAC. Newsweek continued to experience financial difficulties leading to the cessation of print publication and a transition to an all-digital format at the end of 2012. In 2013, IBT Media acquired Newsweek from IAC; the acquisition included the Newsweek brand and its online publication, but did not include The Daily Beast. IBT Media, which also owns the International Business Times, rebranded itself as Newsweek Media Group, and in 2014, relaunched Newsweek in both print and digital form. In 2018, IBT Media split into two companies, Newsweek Publishing and IBT Media. The split was accomplished one day before the District Attorney of Manhattan indicted Etienne Uzac, the co-owner of IBT Media, on fraud charges. Under Newsweek's current co-owner and CEO Dev Pragad, it is profitable growing 20–30% per year; between May 2019 and May 2022, its monthly unique visitors rose from about 30 million to 48 million according to Comscore. Since Pragad became CEO in 2016, readership has grown to 100 million readers per month, the highest in its 90-year history. The operations of the company were researched by the Harvard Business School; they published a case study in 2021.