Newsweek claims first profit in Europe since relaunch two years ago by IBT Media

Newsweek has reported making a profit in Europe, Middle East and Africa nearly two years after it was relaunched by IB Times group.
The title returned with a dedicated European print edition in March 2014 two years after it was closed.
Some 15 months later the London-based print team cut back. But since then Newsweek has grown its London-based editorial team to 12, with the main focus online. Sister title, the website IB Times UK, employs some 60 editorial staff.
IBT Media says that the fourth quarter of 2015 was the first profitable period for Newsweek in the EMEA region.
It claimed that advertising revenue was up 327 per cent year on year last and overall revenue up 90 per cent.
Newsweek Europe editor Matt McAllester said: "By investing in the industry’s best editorial staff we are fulfilling a growing demand for excellent journalism, allowing us to increase subscriptions and gain new readers. Maintaining Newsweek’s reputation for high-quality content has enabled us to greatly increase our online and print audiences.”
Newsweek does not yet have an audited ABC figure, but a spokeperson said the European print edition will be audited in the first quarter of this year.

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