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.
Warren Buffett's investment firm will pay nearly $900,000 to settle allegations it did not tell federal regulators before taking a major ownership stake in a company, the government said. More
Median income is up 3.8% since 2011, though it's still down since the economic recovery began in 2009. More
Intellectual Ventures, a patent troll company, has laid off 19% of its staff. More
Small business owners say the economy is still their biggest challenge, which keeps them from expanding and hiring, according to a CNNMoney-Manta survey. More
When hairdresser Mark Bustos isn't cutting the hair of fashion designers and real estate moguls, he's traveling around the world giving free haircuts to the homeless. More