Newsweek Media Group to make strategic investment in Newsweek
NEW YORK, March 23, 2018 /PRNewswire/ -- Newsweek Media Group (NMG) is close to completing a large round of funding to help facilitate and accelerate its growth.
The company recently announced strategic changes to position its various brands for future growth. To facilitate and accelerate the growth the company has been looking for funding and is very close to securing a large tranche of investment into the business.
"Newsweek is not for sale," said Dev Pragad, CEO of Newsweek Media Group. "Quite the contrary. Newsweek is the flagship publication of the company and has experienced rapid growth in the past 12 months. We have ambitious plans for Newsweek and intend to invest heavily to sustain and increase that growth."
Newsweek's audience grew six fold in 2017 to approximately 40 million Unique Visitors a month in December; Newsweek is on track to deliver another record month in March.
The number of journalists working at Newsweek has nearly doubled in the past 12 months. The company last month increased its investment in the magazine's editorial operations as part of an aggressive plan to add print and digital subscriptions.
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