Official: Newsweek, Daily Beast Merger a Done Deal
It's official: The merger between Newsweek magazine and Tina Brown's website the Daily Beast is a done deal.
Brown announced the news late Thursday night on her website.
"Some weddings take longer to plan than others," she wrote. "The union of the Daily Beast and Newsweek magazine finally took place with a coffee-mug toast between all parties Tuesday evening, in a conference room atop Beast headquarters, the IAC building on Manhattan’s West 18th Street. The final details were only hammered out last night."
The joint venture, which had been in negotiations for week, will be named the Newsweek Daily Beast Co., owned equally by Barry Diller’s IAC and Sidney Harman, owner of Newsweek.
Brown will become editor-in-chief at both the Daily Beast and Newsweek. Her Daily Beast business partner Stephen Colvin will serve as CEO.
In her post, Brown praised both Diller and Harman and also touted the benefits of the deal for both publications.
"It’s a wonderful new opportunity for all the brilliant editors and writers at the Daily Beast who have worked so hard to create the site’s success," she wrote. "Working at the warp-speed of a 24/7 news operation, we now add the versatility of being able to develop ideas and investigations that require a different narrative pace suited to the medium of print. And for Newsweek, the Daily Beast is a thriving frontline of breaking news and commentary that will raise the profile of the magazine’s bylines and quicken the pace of a great magazine’s revival."