Newsweek Issues Update on Ongoing Litigation with Former Owner IBT Media

NEW YORK, Nov. 07, 2025 (GLOBE NEWSWIRE) -- Newsweek today issued an update regarding its ongoing litigation with former owner IBT Media Inc. following a new ruling by the New York Supreme Court, which found IBT liable for unpaid payroll taxes incurred during its ownership of the publication.

This follows Newsweek’s previous statement from October 2025, in which the company reaffirmed its commitment to pursuing accountability and restitution related to IBT’s management of the publication prior to its sale to NW Media Holdings Corp. in 2018. In that statement, Newsweek emphasized its determination to uphold contractual obligations made during the transfer and to recover losses resulting from IBT’s failure to pay federal payroll taxes and other obligations accrued between 2013 and 2018.

The Court has now validated Newsweek’s position that IBT breached the 2018 sale agreement. Under the contract’s indemnification provisions, IBT agreed to pay for “losses, liabilities, costs, and expenses” arising from its prior ownership. The Court’s findings confirm IBT’s responsibility for those obligations, entitling Newsweek to recover damages for having paid off federal tax debts that IBT failed to satisfy.

Newsweek is seeking to recover more than $9.6 million in payments and interest related to IBT’s tax-related misconduct. The final damages amount will be determined at a hearing scheduled for January 12, 2026.

“This decision marks a significant step forward in bringing resolution to a matter that predates our ownership,” said a Newsweek spokesperson. “As we said in our previous statement, Newsweek continues to pursue justice through the courts to ensure accountability and protect the integrity of our organization.”

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