Biz reporter sues businessman, alleges he stole magazine idea

A former Star-Ledger business reporter is suing a New Jersey real estate investor, claiming he stole his idea for a magazine devoted to covering Newark’s downtown.

Thomas Zambito writes, “In a lawsuit filed in U.S. District Court Tuesday, Philip Read says Paul Profeta took his idea for a magazine called ‘The Downtowner’ and turned it into his own publication, which debuted in August 2013.

“‘To the Plaintiff’s shock, Profeta published his first issue of ‘Radius: Brick City and Beyond,’ a 96-page Newark-based publication mirrored largely off the business model, contacts and footwork the Plaintiff created and performed,’ the lawsuit claims.

“Read claims he broached the idea for a magazine to Profeta in November 2010, shortly after he’d interviewed him for a Star-Ledger story that was published in October discussing Profeta’s work with a group that provides no-interest loans to minority-run businesses in Newark.

“Read’s pitch to Profeta was that the magazine would fill a void left by The Star-Ledger following staff reductions brought on by a worsening economic climate for the newspaper, according to the lawsuit.”

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