Daily Beast, Newsweek Agree to Merge
NEW YORK ( TheStreet) -- Newsweek and The Daily Beast have reached a deal to merge.
The Daily Beast's editor-in-chief Tina Brown will be editor-in-chief at both The Daily Beast and Newsweek.
The combination to create the Newsweek Daily Beast Co. isn't a complete surprise as the two parties have reportedly held talks in the past few months that ultimately broke down in mid-October.
The Washington Post famously sold Newsweek for just $1 in cash, along with assumed liabilities, to audio equipment magnate Sidney Harman this past summer. The Daily Beast is owned by IAC/InterActive Corp. (IACI - Get Report), whose CEO and Chairman is Barry Diller.
Brown is a bestselling author and former editor of Vanity Fair and The New Yorker. She founded The Daily Beast as an online-only venture and began publishing in October 2008. Newsweek began in 1933. -- Written by Michael Baron in New York.>To contact the writer of this article, click here: Michael Baron. >To submit a news tip, send an email to: tips@thestreet.com
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