Thaindian News

NEW YORK (BNO NEWS) — Newsweek magazine on Friday announced that it agreed to merge operations in a joint venture with The Daily Beast, an operating company of InterActiveCorp (IAC).

The new entity will be called The Newsweek Daily Beast Company and will be owned equally by Sidney Harman and IAC. Harman and IAC Chairman Barry Diller will both act as Executive Chairman and each will appoint one director from each side.

“In an admittedly challenging time, this merger provides the ideal combination of established journalism authority and bright, bristling website savvy,” Harman said. “I like partnering with Barry Diller and I look forward to building our company with Tina Brown and Stephen Colvin.”

Harman acquired Newsweek magazine from the Washington Post Co. last summer. The joint venture will combine Newsweek journalistic approach with The Daily Beast’s digital and web assets.

Tina Brown, a founding partner and Editor-in-Chief of The Daily Beast, will be Editor-in-Chief of both Newsweek magazine and The Daily Beast. The President of The Daily Beast, Stephen Colvin, will serve as CEO of the combined venture.

“In The Daily Beast, Tina and her truly great team have in Internet-time created an hourly, daily news magazine and now will have the ability to revive the weekly venerable Newsweek with all the tools and sensibility they’ve perfected in the Beast,” said Colvin.

The Daily Beast was created by Brown and IAC in October 2008. It is a website dedicated to news and commentary, culture and entertainment that has quickly established nationwide. Over its two years of existence, The Daily Beast have reached an audience of nearly 5 million monthly visitors.

“The metabolism of The Daily Beast will help power the resurgence of Newsweek and Newsweek amplifies the range of talent and audience The Daily Beast can reach. The two entities together offer writers, photographers and marketers a powerful dual platform,” remarked Brown.