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.
The historically black school will cover 50% of the cost of a a student's final semester if they graduate early or on time, starting next year. More
The Reserve Bank of India unexpectedly cut key lending rates yet again on Wednesday. More
Startup HEAL promises a doctor at your doorstep in under 60 minutes, for a flat fee of just $99. More