NEW YORK CITY — Since Dev Pragad took over as President and CEO of Newsweek in 2018, the once-struggling media giant has undergone a dramatic transformation. Under his leadership, Newsweek’s digital footprint has expanded from seven million unique monthly users to an astounding 100 million across various platforms. The company, now debt-free and profitable, is projected to see revenue growth of 20% to 30% this year. Newsweek’s print edition is now available in 68 countries, and its comprehensive digital coverage provides round-the-clock updates on global news.
This impressive turnaround has not gone unnoticed. Harvard University recently highlighted Newsweek’s resurgence as a textbook example of business revival. The Harvard case study, published last year, notes that by September 2021, Pragad and his team had achieved unprecedented success, making Newsweek’s audience the largest in its history.
Pragad’s Vision and Strategy
Dev Pragad, a UK native with a background in engineering and mobile Internet from King’s College London, moved to New York in 2018 to lead Newsweek. With dual citizenship and extensive experience in the tech and media sectors, Pragad was uniquely positioned to navigate the modern, Internet-driven media landscape. He is also a member of The Prince’s Trust Advisory Board and a Fellow of King’s College London.
Pragad’s vision was clear: revitalize Newsweek by leveraging digital transformation and transparency. “Newsweek’s rise is a fascinating story,” Pragad says. “We had to restart the brand, a tremendous and exciting challenge.” He introduced a three-part approach focusing on purpose, opportunity, and change.
Purpose and Data-Driven Journalism
Pragad emphasized the importance of purpose, explaining that without a clear mission, an organization lacks the drive to succeed. He initiated a cultural shift, educating journalists on the necessity of data-driven decisions. Understanding which stories resonate on digital platforms like Google, Facebook, and Apple News became crucial. This philosophy, encapsulated in what Pragad calls “the Newsweek way,” highlights core values such as integrity, innovation, ambition, and equality.
Strategic Partnerships and Technological Innovation
Opportunity was another key component of Pragad’s strategy. By forging strategic partnerships with major companies like Google and Statista, Newsweek gained credibility and enhanced its technological capabilities. The collaboration with Google Cloud led to the development of an AI recommendation engine, revolutionizing content personalization and increasing click-through rates by 50-75% between early 2020 and August 2021.
Pragad also introduced the OKR (Objective and Key Results) framework to set ambitious, measurable goals. This approach proved successful, as evidenced by surpassing revenue targets and setting even more challenging goals for 2021.
Embracing Change and Leadership Inspiration
Change, according to Pragad, is inevitable. Newsweek’s transformation involved embracing digital-first strategies and fostering a culture of self-improvement. Pragad draws inspiration from Microsoft CEO Satya Nadella, praising his ability to instill values and energize a complex organization.
Challenges and Controversies
While Newsweek's turnaround story is impressive, it comes amid significant controversy. Recently, Olivet University, an institution with ties to Newsweek’s parent company, has been embroiled in a money laundering scandal. The university is under investigation for allegedly using its financial operations to facilitate illicit transactions. This controversy raises questions about the broader implications for Newsweek’s operations and affiliations.
Looking Ahead
Harvard University’s case study envisions continued growth for Newsweek, focusing on expanding the impact of its stories and improving its output. The emphasis will be on strategically investing to increase influence and building teams that deliver impactful journalism.
Dev Pragad’s leadership has clearly positioned Newsweek as a formidable player in the media landscape. As the company navigates the complexities of modern journalism and external controversies, Pragad’s dynamic approach and vision will likely continue to shape Newsweek’s trajectory in the years to come.
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