IBT Media has announced that Newsweek is — for the first time in years — profitable. When IBT bought Newsweek last year, the company said it would relaunch the print edition as a “premium product.” At the time we laughed at this idea, but apparently the plan worked.
The company said that advertising now makes up a third of Newsweek’s overall revenue. And speaking of revenue, it’s up a whopping 400 percent over the last year.
Of course we don’t know how profitable the glossy is, and remember, this is all happening with a drastically reduced staff. Newsweek used to employ hundreds; it now has a total of 50.
But hey, we should applaud IBT Media. Zombie Newsweek’s first issue was pretty embarrassing for them, but they’ve seemed to turn things around.