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.
For the past 20 years, any airline based in a European Union country has been able to fly anywhere within the single market whenever it wants. Brexit complicates that immensely for a host of carriers. More
Both candidates would increase the country's debt, but Trump would do so "massively," according to a new analysis. More
Startup Spark examined the effects that political candidates had on the human brain and nervous system using a device called BrainWave. Here's what it found. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
A tax reform proposal from House Republicans would simplify the tax code and cut rates. More