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 26,017.81 -97.84 -0.37%
Nasdaq 7,296.05 -2.23 -0.03%
S&P 500 2,798.03 -4.53 -0.16%
Treasuries 2.61 0.03 1.28%
Data as of 3:14am ET
Company Price Change % Change
General Electric Co 16.77 -0.58 -3.34%
Bank of America Corp... 31.48 0.30 0.96%
Ford Motor Co 12.07 -0.11 -0.90%
Advanced Micro Devic... 12.47 0.29 2.38%
Kinder Morgan Inc 19.01 -0.56 -2.86%
Data as of Jan 18
Sponsors

Sections

More than 5% of DACA recipients have started their own businesses since enrolling the program, according to a recent survey. More

In the latest sign change may be afoot at the Consumer Financial Protection Bureau, interim director of the agency Mick Mulvaney asked for zero funding in its quarterly budget request. More

Amazon's short list of contenders for its HQ2 includes major cities like New York and Los Angeles, but also some surprises such as Columbus and Indianapolis. More

Three changes under the new federal tax law mean that the number of tax filers hit by the AMT will drop by about 96% to an estimated 200,000. More