Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Newsweek and The Daily Beast combine forces

By Jason Kessler, CNN


NEW YORK (CNN) -- Print media's flight to the Internet has picked up speed.

Newsweek, the 77-year-old veteran of American newsstands, will merge with The Daily Beast to form a new entity called The Newsweek Daily Beast Company.

The Daily Beast's editor-in-chief Tina Brown announced the merger on the website Thursday night. Rumors of an impending partnership between the titles had circulated for some time.

The deal "finally took place with a coffee-mug toast between all parties Tuesday evening, in a conference room atop Beast headquarters," Brown said.

The new venture will be owned equally by Barry Diller, CEO of Daily Beast's parent company IAC, and Sidney Harman, the owner of Newsweek.

"The Daily Beast's animal high spirits will now be teamed with a legendary, weekly print magazine," Brown said of the union.

Brown says she'll occupy "the editor-in-chief's chair" at both the Daily Beast and Newsweek.

The merger marks the latest corporate change of hands for the financially beleaguered magazine.

In August, stereo equipment billionaire Sidney Harman, 92, bought Newsweek from the Washington Post Company for the nominal price of $1.

Brown is hardly a stranger to the magazine world. She had previously captained The New Yorker and the short-lived Talk Magazine, before launching the Daily Beast under the IAC umbrella in 2008.

Newsweek did not immediately respond to a request for comment. To top of page

Index Last Change % Change
Dow 16,654.77 369.26 2.27%
Nasdaq 4,812.71 115.17 2.45%
S&P 500 1,987.66 47.15 2.43%
Treasuries 2.13 -0.04 -1.61%
Data as of 9:26am ET
Company Price Change % Change
Twenty-First Century... 27.80 0.46 1.68%
Oracle Corp 36.82 -0.09 -0.24%
Frontier Communicati... 4.93 0.09 1.86%
Regions Financial Co... 9.56 0.31 3.35%
Halliburton Co 38.04 3.61 10.49%
Data as of Aug 27
Sponsors

Sections

How do you run a successful crowdfunding campaign? Indiegogo's CEO Slava Rubin offers his top tips and mistakes to avoid. More

Smartphones are expensive. So using the one your employer gives you can save a lot of money. But in exchange you may be forfeiting control and privacy. More