Newsweek Forges Ahead With Contract Suit Against Former Owner

Newsweek’s parent company will proceed with breach-of-contract litigation against the magazine publication’s former parent company, IBT Media Inc., in an effort to streamline the litigation process, which has been going on for a little over a year.

NW Media Holdings Corp.'s decision to focus its lawsuit against IBT follows a private settlement agreement reached last Friday in a separate case in which IBT founder and current Newsweek co-owner Johnathan Davis accused fellow Newsweek co-owner Dev Pragad of misconduct and breaching fiduciary duties. Davis said it was inappropriate for Pragad, on behalf of NW Media, to bring a lawsuit against IBT ...