NEW YORK (
) --
Newsweek
and
The Daily Beast
have reached a deal to merge.
The Daily Beast's editor-in-chief
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)
, 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:
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
