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), 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

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

More from Stocks

Atlassian Soars After Beating Estimates on Top and Bottom Lines

Atlassian Soars After Beating Estimates on Top and Bottom Lines

Netflix Dip: Reversal or Buying Opportunity?

Netflix Dip: Reversal or Buying Opportunity?

Dow Rises, Stocks Gain Amid Potential Thaw in U.S.-China Trade Negotiations

Dow Rises, Stocks Gain Amid Potential Thaw in U.S.-China Trade Negotiations

Tesla Shares Slump After Carmaker Unveils Job Cuts, Q4 Profit Guidance

Tesla Shares Slump After Carmaker Unveils Job Cuts, Q4 Profit Guidance

CVS Reaches Pharmacy Benefits Management System Deal with Walmart

CVS Reaches Pharmacy Benefits Management System Deal with Walmart