KPDQ is a commercial AM radio station in Portland, Oregon. It is owned by Salem Communications and serves the Portland metropolitan area, with a Christian talk and teaching radio format known as "True Talk 800." The studios and offices are on SE Lake Road in Portland. KPDQ is co-owned with 93.9 KPDQ-FM a Christian talk and teaching station. Each station runs its own schedule. KPDQ is powered at 1,000 watts, but because AM 800 is a Mexican clear channel frequency reserved for XEROK in Ciudad Juarez, KPDQ must reduce power at night to 500 watts. The transmitter is off SW Vermont Street in Oregon. In Portland and adjacent communities, KPDQ programming can be heard at 106.3 MHz, on 99 watt FM translator K292HH. KPDQ first signed on the air on July 30, 1947, it was owned by George W. Davis, who served as president. For its first four decades on the air, KPDQ was a daytimer, powered at 1,000 watts but required to go off the air at sunset; the station specialized in religious programming. In 1961, KPDQ added an FM station, KPDQ-FM at 93.7 MHz.
At first it began separate religious programming by the end of the 1960s. In the 1980s, Davis' son, George Davis II, became the president of the Inspirational Broadcasting Corporation, the new name for the company that owned both stations. In August 1986, Inspirational Broadcasting sold KPDQ-AM-FM to Salem Media. Shortly after the purchase, Salem Media got permission from the Federal Communications Commission to broadcast around the clock on 800 KPDQ, with reduced nighttime power at 500 watts. Salem added an FM translator in the mid-2010s, for listeners who prefer FM radio. True Talk 800 on Twitter Query the FCC's AM station database for KPDQ Radio-Locator Information on KPDQ Query Nielsen Audio's AM station database for KPDQ Query the FCC's FM station database for K292HH Radio-Locator information on K292HH FCC History Cards for KPDQ
Lawrence Alan Kudlow is an American financial analyst and former television host serving as Director of the National Economic Council under President Donald Trump since 2018. Kudlow began his career as a junior financial analyst at the New York Federal Reserve, he soon left government to work on Wall Street at Paine Webber and Bear Stearns as a financial analyst. In 1981, after volunteering and working for left-wing politicians and causes, Kudlow joined the administration of Ronald Reagan as associate director for economics and planning in the Office of Management and Budget. After leaving the Reagan Administration during the second term, Kudlow returned to Wall Street and Bear Stearns, serving as the firm's chief economist from 1987 until 1994. During this time, he advised the gubernatorial campaign of Christine Todd Whitman on economic issues. In the late 1990s, after a publicized battle with cocaine and alcohol addiction, Kudlow left Wall Street to become an economic media commentator – first with National Review, hosting several shows on CNBC.
Kudlow returned to politics in 2018, serving as Gary Cohn's replacement at the National Economic Council. Kudlow was raised in New Jersey, the son of Ruth and Irving Howard Kudlow, his family is Jewish. Kudlow attended the private Elisabeth Morrow School in New Jersey until 6th grade, he attended the private Dwight-Englewood School from the second half of middle school to high school. Kudlow graduated from University of Rochester in Rochester, New York, with a degree in history in 1969. Known as "Kuddles" to friends, he was a star on the tennis team, a member of the left-wing Students for a Democratic Society at Rochester. In 1971, Kudlow attended Princeton University's Woodrow Wilson School of Public and International Affairs, where he studied politics and economics, he left before completing his master's degree. In 1987, Kudlow was hired by Bear Stearns as senior managing director. Kudlow served as an economic counsel to A. B. Laffer & Associates, the San Diego, company owned by Arthur Laffer, a major supply-side economist and promoter of the "Laffer curve", an economic measure of the relationship between tax levels and government revenue.
Kudlow was fired from Bear Stearns in the mid-1990s due to his cocaine addiction. He was a member of the board of directors of Empower America, a supply-side economics organization founded in 1993 and merged in 2004 with the Citizens for a Sound Economy to form FreedomWorks. Kudlow is a founding member of the Board of Advisors for the Independent Institute and consulting chief economist for American Skandia Life Assurance, Inc. in Connecticut, a subsidiary of insurance giant Prudential Financial. Kudlow became Economics Editor at National Review Online in May 2001. In December 2007, NRO published a Kudlow article entitled Bush Boom Continues, in which he asserted the economy would continue to expand for years to come; the Great Recession, the worst economic downturn since the Great Depression, began that month. Kudlow served as one of a rotating set of hosts on the CNBC show America Now, which began airing in November 2001. In May 2002, that show was renamed Kudlow & Cramer, Kudlow and Jim Cramer became the permanent hosts.
In January 2005, Cramer left to host his own show, Mad Money, the program's name was changed the next month to Kudlow & Company. The program went on hiatus in October 2008, returned in January 2009 as The Kudlow Report, which ended its run on CNBC in March 2014. Kudlow added co-anchor of CNBC's The Call to his responsibilities in late 2008. Kudlow's style is boldly assertive and his line of argument is always framed in expressions of optimism about the economy, the stock market, the dollar. Kudlow is a regular guest on Squawk Box, he has contributed to CNBC.com on MSN. He appeared on The John Batchelor Show as a co-host on Tuesdays and as a substitute, until leaving those duties to become an economics advisor to President Trump. In March 2006, Kudlow started to host a talk radio show on politics and economics on WABC as "The Larry Kudlow Show" aired on Saturday mornings from 10am to 1pm ET and via nationwide syndication starting June 5, 2010; the Larry Kudlow Show was syndicated by Westwood One.
He started a blog named Kudlow's Money Politic$ in October 2004. He has contributed to the Wall Street Journal, the Washington Times, the Cato Journal of the Cato Institute, the City Journal of the Manhattan Institute for Policy Research, as well as the television show The McLaughlin Group, has appeared as a guest on The NewsHour with Jim Lehrer and on Wall Street Week. In 1970, while he was still a Democrat, Kudlow joined Joseph Duffey's "New Politics" senatorial campaign in Connecticut. Duffey was a leading anti-war politician during the Vietnam war era. Kudlow, working with Yale University law student Bill Clinton as well as many other rising young Democratic students, was known as a "brilliant" district coordinator. Kudlow worked on the U. S. Senate campaign of Joseph Duffey, along with Bill Clinton, John Podesta, Michael Medved, another future conservative, in 1976, he worked on the U. S. Senate campaign of Daniel Patrick Moynihan, along with Tim Russert, against Conservative Party incumbent James L. Buckley, brother of William F. Buckley, Jr.
Kudlow began his career as a staff economist at the Federal Reserve Bank of New York, taking a position "as a junior economist in a job. He worked in the division of the Fed. During the first term of the Reagan administration, Kudlow was associate director for economics and planning in the Office of Management and Budget, a part of the Executive Office of the President. While he worked at the OMB, Kudlow was also
The Heritage Foundation
The Heritage Foundation is an American conservative think tank based in Washington, D. C. geared towards public policy. The foundation took a leading role in the conservative movement during the presidency of Ronald Reagan, whose policies were taken from Heritage's policy study Mandate for Leadership. Heritage has since continued to have a significant influence in U. S. public policy making, is considered to be one of the most influential conservative research organizations in the United States. The Heritage Foundation was founded on February 16, 1973 by Paul Weyrich, Edwin Feulner, Joseph Coors. Growing out of the new business activist movement inspired by the Powell Memorandum, discontent with Richard Nixon's embrace of the "liberal consensus" and the nonpolemical, cautious nature of existing think tanks and Feulner sought to create a version of the Brookings Institution that advanced conservative activism. Coors was the primary funder of the Heritage Foundation in its early years. Weyrich was its first president.
Under president Frank J. Walton, the Heritage Foundation began using direct mail fundraising and Heritage's annual income grew to $1 million per year in 1976. By 1981, the annual budget grew to $5.3 million. Heritage advocated for pro-business policies, anti-communism and neoconservatism in its early years, but distinguished itself from the conservative American Enterprise Institute by advocating for Christian conservatism. Through the 1970s, Heritage would remain small relative to Brookings and the AEI. In January 1981 Heritage published the Mandate for Leadership, a comprehensive report aimed at reducing the size of the federal government, providing public policy guidance to the incoming Reagan administration, including more than 2,000 specific suggestions to move the federal government in a conservative direction; the report was well received by the White House, several of its authors went on to take positions in the Reagan administration. Reagan liked the ideas so much. 60% of the 2,000 proposals were implemented or initiated by the end of Reagan's first year in office.
Ronald Reagan on said that the Heritage Foundation played a "vital force" in the successes during his presidency. Heritage was influential in developing and advancing of the so-called "Reagan Doctrine," a Reagan administration foreign policy initiative in which the U. S. provided military and other support to anti-communist resistance movements fighting Soviet-aligned governments in Afghanistan, Cambodia and other nations during the final years of the Cold War. Heritage advocated the development of new ballistic missile defense systems for the United States. Reagan adopted this as his top defense priority in 1983, calling it the Strategic Defense Initiative. By mid-decade, The Heritage Foundation had emerged as a key organization in the national conservative movement, publishing influential reports on domestic and defense issues, as well as pieces by prominent conservative figures, such as Bob Dole and Pat Robertson. In 1986, Time called Heritage "the foremost of the new breed of advocacy tanks".
During the Reagan and Bush administrations, The Heritage Foundation served as the President's brain trust on foreign policy. The Heritage Foundation remained an influential voice on domestic and foreign policy issues during President George H. W. Bush's administration, it was a leading proponent of Operation Desert Storm against Iraq, – according to Frank Starr, head of the Baltimore Sun's Washington bureau – the foundation's studies "laid much of the groundwork for Bush administration thinking" about post-Soviet foreign policy. In domestic policy, the Bush administration agreed with six of the ten budget reforms contained in Mandate for Leadership III and included them in their 1990 budget proposal. Heritage became involved in the culture wars of the 1990s with the publication of "The Index of Leading Cultural Indicators" by William Bennett; the Index documented how crime, divorce, teenage suicide, drug use and fourteen other social indicators had become measurably worse since the 1960s. Heritage continued to grow throughout the 1990s and its journal, Policy Review, hit an all-time-high circulation of 23,000.
Heritage was an opponent of the Clinton health care plan of 1993. President Clinton's welfare reforms were analogous with Heritage's recommendations and were adopted in the Personal Responsibility and Work Opportunity Act of 1996. In 1995, Heritage published the first Index of Economic Freedom, co-authored by policy analyst Bryan T. Johnson and Thomas P. Sheehy. In 1997, the Index became a joint project between the Heritage Foundation and the Wall Street Journal. In 1994, Heritage advised Newt Gingrich and other conservatives on the development of the "Contract with America", credited with helping to produce a Republican majority in Congress; the "Contract" was a pact of principles that directly challenged both the political status-quo in Washington and many of the ideas at the heart of the Clinton administration. In 2005, The Washington Post criticized the Heritage Foundation for softening its criticism of Malaysia following a business relationship between Heritage's president and Malaysia's then-prime minister Mahathir Mohamad.
The Heritage Foundation denied any conflict of interest, stating its views on Malaysia changed following the country's cooperation with the U. S. after the September 11 attacks in 2001, changes by Malaysia "moving in the right economic and political direction." In December 2012, an announcement was made that Senator Jim DeMint would resign from the Senate to head the Heritage Foundation. Pundits predicted his tenure would bring a sharper, more politicized edge to the Foundati
AM broadcasting is a radio broadcasting technology, which employs amplitude modulation transmissions. It was the first method developed for making audio radio transmissions, is still used worldwide for medium wave transmissions, but on the longwave and shortwave radio bands; the earliest experimental AM transmissions began in the early 1900s. However, widespread AM broadcasting was not established until the 1920s, following the development of vacuum tube receivers and transmitters. AM radio remained the dominant method of broadcasting for the next 30 years, a period called the "Golden Age of Radio", until television broadcasting became widespread in the 1950s and received most of the programming carried by radio. Subsequently, AM radio's audiences have greatly shrunk due to competition from FM radio, Digital Audio Broadcasting, satellite radio, HD radio and Internet streaming. AM transmissions are much more susceptible than FM or digital signals are to interference, have lower audio fidelity.
Thus, AM broadcasters tend to specialise in spoken-word formats, such as talk radio, all news and sports, leaving the broadcasting of music to FM and digital stations. The idea of broadcasting — the unrestricted transmission of signals to a widespread audience — dates back to the founding period of radio development though the earliest radio transmissions known as "Hertzian radiation" and "wireless telegraphy", used spark-gap transmitters that could only transmit the dots-and-dashes of Morse code. In October 1898 a London publication, The Electrician, noted that "there are rare cases where, as Dr. Lodge once expressed it, it might be advantageous to'shout' the message, spreading it broadcast to receivers in all directions". However, it was recognized that this would involve significant financial issues, as that same year The Electrician commented "did not Prof. Lodge forget that no one wants to pay for shouting to the world on a system by which it would be impossible to prevent non-subscribers from benefiting gratuitously?"On January 1, 1902, Nathan Stubblefield gave a short-range "wireless telephone" demonstration, that included broadcasting speech and music to seven locations throughout Murray, Kentucky.
However, this was transmitted using induction rather than radio signals, although Stubblefield predicted that his system would be perfected so that "it will be possible to communicate with hundreds of homes at the same time", "a single message can be sent from a central station to all parts of the United States", he was unable to overcome the inherent distance limitations of this technology. The earliest public radiotelegraph broadcasts were provided as government services, beginning with daily time signals inaugurated on January 1, 1905, by a number of U. S. Navy stations. In Europe, signals transmitted from a station located on the Eiffel tower were received throughout much of Europe. In both the United States and France this led to a small market of receiver lines designed geared for jewelers who needed accurate time to set their clocks, including the Ondophone in France, the De Forest RS-100 Jewelers Time Receiver in the United States The ability to pick up time signal broadcasts, in addition to Morse code weather reports and news summaries attracted the interest of amateur radio enthusiasts.
It was recognized that, much like the telegraph had preceded the invention of the telephone, the ability to make audio radio transmissions would be a significant technical advance. Despite this knowledge, it still took two decades to perfect the technology needed to make quality audio transmissions. In addition, the telephone had been used for distributing entertainment, outside of a few "telephone newspaper" systems, most of which were established in Europe. With this in mind, most early radiotelephone development envisioned that the device would be more profitably developed as a "wireless telephone" for personal communication, or for providing links where regular telephone lines could not be run, rather than for the uncertain finances of broadcasting; the person credited as the primary early developer of AM technology is Canadian-born inventor Reginald Fessenden. The original spark-gap radio transmitters were impractical for transmitting audio, since they produced discontinuous pulses known as "damped waves".
Fessenden realized that what was needed was a new type of radio transmitter that produced steady "undamped" signals, which could be "modulated" to reflect the sounds being transmitted. Fessenden's basic approach was disclosed in U. S. Patent 706,737, which he applied for on May 29, 1901, was issued the next year, it called for the use of a high-speed alternator that generated "pure sine waves" and produced "a continuous train of radiant waves of uniform strength", or, in modern terminology, a continuous-wave transmitter. Fessenden began his research on audio transmissions while doing developmental work for the United States Weather Service on Cobb Island, Maryland; because he did not yet have a continuous-wave transmitter he worked with an experimental "high-frequency spark" transmitter, taking advantage of the fact that the higher the spark rate, the closer a spark-gap transmission comes to producing continuous waves. He reported that, in the fall of 1900, he transmitted speech over a distance of about 1.6 kilometers, which appears to have been the first successful audio transmission using radio signals.
However, at this time the sound was far too distorted to be commercially practical. For a time he continued working with more sophist
Fox Business Network
Fox Business Network is an American pay television business news channel, owned by the Fox News Group division of Fox Corporation. The network discusses business and financial news. Day-to-day operations are run by executive vice president of Fox News; as of February 2015, Fox Business Network is available to 74,224,000 pay television households in the United States. News Corporation chairman Rupert Murdoch confirmed the launch at his keynote address at the 2007 McGraw-Hill Media Summit on February 8, 2007. Murdoch had publicly stated that if News Corporation's purchase of The Wall Street Journal went through and if it were possible, he would have rechristened the channel with a name that has "Journal" in it. However, on July 11, 2007, News Corporation announced that the new channel would be called Fox Business Network; this name Fox Business Network was chosen over Fox Business Channel due to the pre-existing legal abbreviation of "FBC" for the co-owned broadcast network Fox Broadcasting Company.
The channel launched on October 15, 2007. The network is placed on channel 43 in the New York City market in the basic-tier pay-TV package, home to the NYSE and NASDAQ stock exchanges, it is paired with sister network Fox News Channel, which moved to channel 44. FBN received carriage on Cablevision channel 106, only available via subscription to its IO Digital Cable package. According to an article in Multichannel News, NBC Universal paid up to "several million dollars" in order to ensure that CNBC and Fox Business would be separated on the dial, in order to retain CNBC's "premium" channel slot. At the time FBN was carried on Time Warner Cable only on its analog service in New York City. Verizon's FiOS TV carries the network on its premier lineup. Dish Network began carrying FBN on channel 206 on February 2, 2009. FBN received carriage on DirecTV channel 359; as its prominence grew, some providers indeed moved the channel to their basic package, some have paired Bloomberg Television, CNBC and FBN next to each other as part of'genre' channel maps.
On May 12, 2008, Fox Business Network revamped its daytime lineup, which included the debut of two new programs, Countdown to the Closing Bell and Fox Business Bulls & Bears. On April 20, 2009, Money for Breakfast, The Opening Bell on Fox Business, The Noon Show with Tom Sullivan and Cheryl Casone, Countdown to the Closing Bell, Fox Business Bulls & Bears, Cavuto all moved to the network's new Studio G set. All six of those shows shared the same set in Studio G, unveiled on Money for Breakfast the same day. On September 17, 2012, FBN switched to a letterboxed format on its standard definition feed; the network debuted new graphics on the same day. On February 24, 2014, Opening Bell with Maria Bartiromo debuted on FBN in the 9 a.m. ET timeslot, replacing the final 20 minutes of Imus in the Morning and moved Varney & Company down to the 11 a.m. ET time slot. On May 29, 2015, Imus in the Morning ended after a 5-1/2 year run, as Don Imus retired from television, thus resulting in major changes to FBN's daytime programming lineup on June 1, 2015.
Best of Imus in the Morning, which aired from 5-6 a.m. ET, was replaced with a new early-morning business program, FBN AM. Maria Bartiromo, whose Opening Bell program was cancelled on May 29, debuted her own new morning program, Mornings with Maria, in the time slot occupied by the aforementioned Imus in the Morning. Varney & Company was moved up to the 9:00 a.m. ET time slot and was expanded to 3 hours from 9:00 a.m. to noon ET. FBN AM and Mornings with Maria were among the four new programs that debuted on June 1, with Cavuto: Coast to Coast and Intelligence Report with Trish Regan being the others. On November 10, 2015, Fox Business Network, along with The Wall Street Journal hosted its first Republican presidential primary debate, setting a ratings record for the network with 13.5 million viewers. The debate delivered 1.4 million concurrent streams, making it the most livestreaming primary debate in history and beating out the 2015 Super Bowl by 100,000 streams. Fox Business Network hosted its second Republican primary debate on January 14, 2016 in Charleston, South Carolina with Neil Cavuto and Maria Bartiromo serving as moderators.
Both of these primetime debates included earlier debates featuring presidential candidates who were not ranked as in the national polls as well as those based in Iowa or New Hampshire. On December 14, 2017, 21st Century Fox announced it would sell a majority of its assets to The Walt Disney Company in a transaction valued at over $52 billion. Fox Business Network was not included in the deal and was spun off to the downsized Fox Corporation, along with the Fox Broadcasting Company, Fox News Channel and Fox Sports 1 and 2; the deal was approved by Disney and Fox shareholders on July 27, 2018 and was completed on March 19, 2019. The high definition simulcast of Fox Business Network is broadcast in 720p. Programming shown on this feed was produced in high-definition, but was cropped to a 4:3 image and pushed to the left side of
Sirius XM Satellite Radio
Sirius XM Holdings, Inc. doing business as Sirius XM Satellite Radio, is a broadcasting company headquartered in Midtown Manhattan, New York City that provides three satellite radio and online radio services operating in the United States: Sirius Satellite Radio, XM Satellite Radio, Sirius XM Radio. The company has a minor interest in SiriusXM Canada, an affiliate company that provides Sirius and XM service in Canada. At the end of 2013, Sirius XM reorganized their corporate structure, which made Sirius XM Radio Inc. a direct, wholly owned subsidiary of Sirius XM Holdings, Inc. Sirius XM Radio was formed after the U. S. Federal Communications Commission approved the acquisition of XM Satellite Radio Holding, Inc. by Sirius Satellite Radio, Inc. on July 29, 2008, 17 months after the companies first proposed the merger. The merger brought the combined companies a total of more than 18.5 million subscribers based on current subscriber numbers on the date of merging. The deal was valued at $3.3 billion, not including debt.
Through Q2 2017, Sirius XM has more than 32 million subscribers. The proposed merger was opposed by those. Sirius and XM argued. In September 2018, the company agreed to purchase the competing streaming music service and this transaction was completed on the 1st of February 2019. Sirius Satellite Radio was founded by Martine Rothblatt, David Margolese, Robert Briskman. In 1990, Rothblatt founded Satellite CD Radio in Washington, DC; the company was the first to petition the FCC to assign unused frequencies for satellite radio broadcast, which "provoked a furor among owners of both large and small radio stations." In April 1992, Rothblatt resigned as CEO to start a medical research foundation. Former NASA engineer Briskman, who designed the company's satellite technology, was appointed chairman and CEO. Six months in November 1992, Rogers Wireless co-founder Margolese, who had provided financial backing for the venture, acquired control of the company and succeeded Briskman. Margolese renamed the company CD Radio, spent the next five years lobbying the FCC to allow satellite radio to be deployed, the following five years raising $1.6 billion, used to build and launch three satellites into elliptical orbit from Kazakhstan in July 2000.
In 1997, after Margolese had obtained regulatory clearance and "effectively created the industry," the FCC sold a license to XM Satellite Radio, which followed Sirius' example. In November 1999, marketing chief Ira Bahr convinced Margolese to again change the name of the company, this time to Sirius Satellite Radio, in order to avoid association with the soon-to-be-outdated CD technology. Having secured installation deals with automakers, including BMW, Chrysler and Ford, Sirius launched the initial phase of its service in four cities on February 14, 2002, expanding to the rest of the contiguous United States on July 1, 2002. In November 2001, Margolese stepped down as CEO, remaining as chairman until November 2003, with Sirius issuing a statement thanking him "for his great vision and dedication in creating both Sirius and the satellite radio industry." Joe Clayton, former CEO of Global Crossing, followed as CEO from November 2001 until November 2004. Mel Karmazin, former president of Viacom, became CEO in November 2004 and remained in that position through the merger, until December 2012.
The origin of XM Satellite Radio was a Petition for Rulemaking filed at the Federal Communications Commission by regulatory attorney and Founder of Satellite CD Radio Martine Rothblatt, to establish frequencies and licensing rules for the world's first-ever Satellite Digital Audio Radio Service. On May 18, 1990, Satellite CD Radio, Inc. filed a Petition for Rule Making in which it requested spectrum to offer Compact Disc quality digital audio radio service to be delivered by satellites and complementary radio transmitters. Following the Allocation NPRM, the FCC established a December 15, 1992 cut-off date for applications proposing satellite DARS to be considered in conjunction with CD Radio's application. One such application came from American Mobile Radio Corporation, the predecessor company to XM Satellite Radio. XM Satellite Radio was founded by Gary Parsons, it has its origins in the 1988 formation of the American Mobile Satellite Corporation, a consortium of several organizations dedicated to satellite broadcasting of telephone and data signals.
In 1992, AMSC established a unit called the American Mobile Radio Corporation, dedicated to developing a satellite-based digital radio service. Its planned financing was complete by July 2000, at which point XM had raised $1.26 billion and secured installation agreements with General Motors and Toyota. Scheduled for September 12, 2001, XM's service start date was postponed due to the September 11 terrorist attacks on the World Trade Center and The Pentagon. XM Satellite Radio's first broadcast was on September 2001, nearly four months before Sirius. Gary Parsons served as chairman of XM Satellite Radio from its inception through the merger, resigned from the position in November 2009. Hugh Panero served as XM's CEO from 1998 until July 2007, shortly after the merger with Sirius was proposed. Nate Davis was appointed interim CEO until the merger was completed, at which point Sirius CEO Mel Karmazin took over as CEO of the newly merged company, Sirius XM. After years of speculation and three months of serious negotiations, the $13 b
Newsweek is an American weekly magazine founded in 1933. Between 2008 and 2012, Newsweek experienced financial difficulties, leading to the cessation of print publication and a transition to all-digital format at the end of 2012; the print edition was relaunched in March 2014. Revenue declines prompted an August 2010 sale by owner The Washington Post Company to audio pioneer Sidney Harman—for a purchase price of one dollar and an assumption of the magazine's liabilities; that year, Newsweek merged with the news and opinion website The Daily Beast, forming The Newsweek Daily Beast Company. Newsweek was jointly owned by the estate of Harman and the diversified American media and Internet company IAC. In 2013, IBT Media announced it had acquired Newsweek from IAC. IBT Media rebranded itself as Newsweek Media Group in 2017, but returned to IBT Media in 2018 after making Newsweek independent. News-Week was launched in 1933 by Thomas J. C. Martyn, a former foreign-news editor for Time, he obtained financial backing from a group of U.
S. stockholders "which included Ward Cheney, of the Cheney silk family, John Hay Whitney, Paul Mellon, son of Andrew W. Mellon". Paul Mellon's ownership in Newsweek represented "the first attempt of the Mellon family to function journalistically on a national scale." The group of original owners invested around $2.5 million. Other large stockholders prior to 1946 were public utilities investment banker Stanley Childs and Wall Street corporate lawyer Wilton Lloyd-Smith. Journalist Samuel T. Williamson served as the first editor-in-chief of Newsweek; the first issue of the magazine was dated February 17, 1933. Seven photographs from the week's news were printed on the first issue's cover. In 1937 News-Week merged with the weekly journal Today, founded in 1932 by future New York Governor and diplomat W. Averell Harriman, Vincent Astor of the prominent Astor family; as a result of the deal and Astor provided $600,000 in venture capital funds and Vincent Astor became both the chairman of the board and its principal stockholder between 1937 and his death in 1959.
In 1937 Malcolm Muir took over as editor-in-chief. He changed the name to Newsweek, emphasized interpretive stories, introduced signed columns, launched international editions. Over time the magazine developed a broad spectrum of material, from breaking stories and analysis to reviews and commentary; the magazine was purchased by The Washington Post Company in 1961. Osborn Elliott was named editor of Newsweek in 1961 and became the editor in chief in 1969. In 1970, Eleanor Holmes Norton represented sixty female employees of Newsweek who had filed a claim with the Equal Employment Opportunity Commission that Newsweek had a policy of only allowing men to be reporters; the women won, Newsweek agreed to allow women to be reporters. The day the claim was filed, Newsweek's cover article was "Women in Revolt", covering the feminist movement. Edward Kosner became editor from 1975 to 1979 after directing the magazine's extensive coverage of the Watergate scandal that led to the resignation of President Richard Nixon in 1974.
Richard M. Smith became chairman in 1998, the year that the magazine inaugurated its "Best High Schools in America" list, a ranking of public secondary schools based on the Challenge Index, which measures the ratio of Advanced Placement or International Baccalaureate exams taken by students to the number of graduating students that year, regardless of the scores earned by students or the difficulty in graduating. Schools with average SAT scores above 1300 or average ACT scores above 27 are excluded from the list. In 2008, there were 17 Public Elites. Smith resigned as board chairman in December 2007. During 2008–2009, Newsweek undertook a dramatic business restructuring. Citing difficulties in competing with online news sources to provide unique news in a weekly publication, the magazine refocused its content on opinion and commentary beginning with its May 24, 2009, issue, it shrank its subscriber rate base, from 3.1 million to 2.6 million in early 2008, to 1.9 million in July 2009 and to 1.5 million in January 2010—a decline of 50% in one year.
Meacham described his strategy as "counterintuitive" as it involved discouraging renewals and nearly doubling subscription prices as it sought a more affluent subscriber base for its advertisers. During this period, the magazine laid off staff. While advertising revenues were down 50% compared to the prior year, expenses were diminished, whereby the publishers hoped Newsweek would return to profitability; the financial results for 2009 as reported by The Washington Post Company showed that advertising revenue for Newsweek was down 37% in 2009 and the magazine division reported an operating loss for 2009 of $29.3 million compared to a loss of $16 million in 2008. During the first quarter of 2010, the magazine lost nearly $11 million. By May 2010, Newsweek was put up for sale; the sale attracted international bidders. One bidder was Syrian entrepreneur Abdulsalam Haykal, CEO of Syrian publishing company Haykal Media, who brought together a coalition of Middle Eastern investors with his company.
Haykal claimed his bid was ignored by Newsweek's bankers, Allen & Co. The magazine was sold to audio pioneer Sidney Harman on August 2, 2010, for $1 in exchange for assuming the magazine's financial liabilities. Harman's bid was accepted over three competitors. Meacham left the magazine upon completion of the sale. Sidney Harman was the