Note that I am confident about the first clause in your summary and less confident about the second. What I'm sure of is that "Newsweek" was purchased as a skeevy ploy to acquire the journalistic reputation of Newsweek (without acquiring or investing in any of the infrastructure that created that reputation). Lots of sources claim Newsweek, in a manner similar to the Epoch Times, also has a pronounced partisan lean; I'm less sure of that, but more sure that when you look at the bylines of "Newsweek" stories, you often find content mill writers.