Company Issues Final Notice to NW Media Holdings Corp. President Dev Pragad, Asserting Rights as Owner of Newsweek Brand and Assets
NEW YORK, April 30, 2026 (GLOBE NEWSWIRE) -- IBT Media Inc., the global digital media company that founded the International Business Times and acquired Newsweek in 2013, announced that it has delivered a final notice to NW Media Holdings Corp. declaring that the 2018 Membership Interest Purchase Agreement (MIPA) — which purported to transfer Newsweek LLC out of IBT — was never consummated and is irrevocably null and void. The letter, dated April 24, 2026, was signed by IBT Media President Etienne Uzac, addressed to NW Media President Dev Pragad, and delivered to NW Media's offices at 1 World Trade Center, New York.
At the center of IBT's position is the assertion that NW Media never paid the $5,000 purchase price required at closing — a condition precedent that IBT contends was never satisfied, meaning the transfer had no legal effect from the outset. The MIPA expressly conditioned closing on delivery of the purchase price by the buyer, an obligation NW Media never met. IBT states that payment was never made, not on the closing date and not at any time thereafter. IBT's Chief Executive Officer testified under oath to this effect, and NW Media has never claimed to have made the payment.
IBT's notice also cites a separate and substantial financial obligation under MIPA Section 5(f), which required Newsweek LLC to make 20 quarterly payments of $81,045.95 between September 2018 and September 2023, totaling $1.5 million in satisfaction of a reduced intercompany indebtedness owed to IBT. According to IBT, none of those 20 payments were ever made. NW Media's Chief Financial Officer, Alvaro Palacios, confirmed this under oath during a January 2026 New York State court proceeding. IBT characterizes the complete non-performance as further confirmation that the MIPA is not a valid and effective contract.
IBT's notice explains that the company monitored NW Media's installment obligations under Section 5(f) through September 2023, at which point the complete non-performance became definitive. In the period since, IBT states it attempted to resolve the matter informally, including through mutual intermediaries, expecting NW Media to voluntarily relinquish its claims to the Newsweek assets. Those efforts were unsuccessful.
"IBT's patience should not be mistaken for acquiescence, and the passage of time does not cure NW Media's non-performance."
— From IBT Media's April 24, 2026 final notice to NW Media Holdings Corp.
The notice expressly disclaims any waiver, ratification, or acceptance of the purported transaction and is issued under a full reservation of rights. IBT states it is asserting its rights as the owner of the Newsweek brand and assets.
About IBT Media Inc.
IBT Media Inc. was incorporated in New York in March 2006. The company built the International Business Times into a global digital business media company with editions across the United States, United Kingdom, Australia, India, and Singapore. IBT acquired Newsweek in August 2013 and grew the publication significantly under its stewardship prior to the disputed 2018 separation.
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This press release reports on a legal notice issued by IBT Media Inc. The factual assertions herein reflect IBT's stated legal position.