The far left magazine Newsweek has been circling the drain for months. Their business model of pandering to Progressives hasn’t worked out and they’ve lost a lot of money and readers. Now they’re facing eviction.
The Daily Beast reports:
Newsweek Couldn’t Pay Its Rent on Time and Faced Eviction
Looming investigations into Newsweek Media Group’s finances have demoralized the legacy magazine’s staff and left a cloud of doubt over the company’s long-term future. But now the company faces another more immediate issue: Whether it can stay in its New York headquarters.
Guardian Life Insurance, the sub-landlord for the company’s downtown Manhattan office, informed International Business Times Inc. in late November that it owed several hundred thousand dollars representing “unpaid, delinquent rent and additional rent.”
According an affidavit filed in New York County court in mid February, Guardian claims IBT currently owes the landlord $303,466 in rent.
Although The Daily Beast reached out numerous times to Newsweek, a company spokesperson only provided comment following the publication of this story. “Newsweek Media Group’s landlord discontinued all proceedings and withdrew all notices against the company. Newsweek Media Group is up to date on all rental payments,” the statement read. When asked to provide documentation or clarification proving that, the spokesperson declined.
They could have corrected their course years ago. They chose ideology over business and now they’re paying the price.