Newsweek CEO Dev Pragad Reiterates Newsweek's Focus on Mission and Integrity Driven Growth in Memo to All Newsweek Staff

Memorandum

To: All Newsweek Staff
From: Newsweek CEO Dev Pragad
Date: Thursday, April 07, 2022
Subject: A Focus on Mission and Integrity Driven Growth

Dear Newsweek Team,

As I write, the horrors of Russia's unprovoked invasion of Ukraine keep unfolding. Independent journalism has never been more critical to upholding our democratic values. President Putin's assertion of control over the Russian media reminds us of the importance of a free press.

I am humbled to be serving as CEO and President of Newsweek, and I want to take this moment to reiterate our mission statement.

Founded in 1933 by Thomas J. C. Martyn, a former foreign editor for Time magazine, Newsweek continues to embrace the highest standards of journalism. The newsroom's independence and integrity remain paramount to our mission: Newsweek speaks to — and listens to — readers across the political and cultural spectrum. We explain, expound and clarify the most important issues of our time with journalism that's fair, factual, authoritative and accessible. We believe vigorous, respectful and honest debate is in the public interest, and welcome diverse views and voices.

As you may know, Newsweek bounced among four different owners and some challenging times after the Washington Post sold it in 2010. I became a 50 percent owner, CEO and President of Newsweek in 2018 when we became an independent company. I am happy to report that for the first time in many years, Newsweek finished 2021 debt-free and profitable.

Newsweek is investing in growth and expanding its offerings in the weekly print magazine and digital. Our newsroom leadership has brought transparency and integrity to our journalism.

My promise to the Newsweek community is to continue strengthening this iconic magazine, elevate our content and expand into new ventures that would diversify our revenue streams while continuing to uphold our values. We have laid the foundation for growth and success in the years to come. The Harvard Business School has just published a case study on our transformation and I participated in teaching it in class at Harvard.

Given our current size and growth plans, I wish to establish an independent professional board of directors to govern Newsweek in accordance with well-established corporate standards. The company has engaged the international law firm Freshfields Bruckhaus Deringer LLP to assist in developing robust corporate governance.

Throughout all of this growth, the one constant that has remained paramount in my mind is the importance of journalistic independence and integrity. To that end, I am endeavoring to ensure that the independence of the newsroom is stipulated in company bylaws. I know there were concerns several years ago about possible interference in Newsweek by members of the Olivet church. I can tell you that since we became an independent company in late 2018, the newsroom has been absolutely free from any influence by Olivet leaders and I'm no longer a member of or associated with the Olivet church.

I have high expectations for the future of Newsweek. Staff work under a code of conduct that stresses honesty and fairness. My proposal for our corporate governance structure is designed for transparency and accountability. Our future board of directors will provide checks and balances on the organization and me.

You have my promise that we will not deviate from the standards we have set for ourselves.

Thank you all for your commitment to our shared values. Newsweek is a name to be proud of.

Dev

Dev Pragad
CEO, Newsweek