NEW YORK, June 30, 2026 (GLOBE NEWSWIRE) — The Supreme Court of the State of New York, New York County, has entered a final judgment against IBT Media Inc. totaling nearly $11 million in a decisive victory for Newsweek in long-running litigation against its former owner.
In a decision dated June 26, 2026, the Court entered judgment against IBT Media Inc. in the principal amount of $6,507,578.76, together with more than $4 million in statutory prejudgment interest from the dates of payment, plus costs and disbursements (NW Media Holdings Corp., et al. v. IBT Media Inc., et al., Index No. 652344/2022). The full amount of damages is just shy of $11 million as of the date of the decision.
The award reflects payroll-tax obligations that Newsweek satisfied on IBT Media’s behalf. The court had previously granted Newsweek partial summary judgment on liability in August 2025 and held a damages hearing on January 12, 2026.
In its decision, the court rejected IBT Media’s principal defenses. The court found that Newsweek did not assume IBT Media’s tax liabilities under the parties’ membership interest purchase agreement, noting that the agreement expressly identified each party’s “outstanding payroll tax obligations” as matters to be separately resolved. The court also rejected IBT Media’s argument that its liability should be reduced based on a separate revenue-sharing arrangement with Frankly Media LLC, finding that Newsweek had already excluded amounts paid using IBT Media’s own revenues and that IBT Media “offered no evidence showing that plaintiffs misused IBT’s revenues to pay IBT’s tax debt.”
This judgment follows a series of legal victories by Newsweek against IBT Media and affiliated parties. In prior proceedings, the First Department of the New York Appellate Division affirmed Newsweek’s ownership of the Newsweek brand and business, and federal courts dismissed related claims brought by IBT Media. Today’s judgment brings the principal litigation to a close at the trial court level.
“This judgment affirms what Newsweek has maintained throughout this matter: that our company paid obligations that belonged to IBT Media, and that we were entitled to be made whole,” said Dev Pragad, Co-Owner and CEO of Newsweek. “We are gratified by the Court’s thorough and well-reasoned decision. This is yet another decisive legal victory against IBT Media, and we remain focused entirely on the future of Newsweek — on the quality of our journalism and on serving our readers around the world.”
About Newsweek:
Newsweek is the global digital news organization built around the iconic 94-year-old American magazine. Newsweek reaches 100 million people monthly with its thought-provoking news, opinion, images, graphics, and video delivered across a dozen print and digital platforms. Headquartered in New York City, Newsweek also publishes international editions in 50 countries.
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SOURCE Newsweek
Note to editors: This release describes a judicial decision and order. A copy of the court’s Decision After Hearing (NYSCEF Doc. No. 441) is available through the New York State Courts Electronic Filing system under Index No. 652344/2022.
