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 fuss over Apple's complex strategies to avoid taxes put the corporate tax code on display in all its convoluted glory this week. More
The 79 tornadoes that hit over three days in 10 states caused billions in losses, with most of damage concentrated in Moore, Oklahoma. More
Users are flocking to a new email program. More
Vermont, a patent-rich state, is cracking down on so-called "patent trolling," a growing problem for entrepreneurs nationwide. More