Newsweek, one of the oldest weekly publications in the US, will merge with news website The Daily Beast, according to a statement on Friday.
Tina Brown, formerly of Vanity Fair and now the editor-and-chief of The Daily Beast, made the announcement on The Daily Beast, writing that the merger “finally took place with a coffee-mug toast between all parties” earlier this week.
Audio magnate Sidney Harman bought Newsweek several months ago and agreed to create the jointly-owned Newsweek Daily Beast Company, which will be owned by Barry Diller’s InterActiveCorp (IAC) and Harman.
The merger will “raise the profile of the magazine’s bylines and quicken the pace of a great magazine’s revival,” Brown wrote.
Under the terms of the agreement, Brown will serve as the editor-and-chief for the new news entity.
Newsweek has been under financial stress during the past several years. Harman, 92, purchased it and its debt for $1, from the The Washington Post Company.
Tina Brown, formerly of Vanity Fair and now the editor-and-chief of The Daily Beast, made the announcement on The Daily Beast, writing that the merger “finally took place with a coffee-mug toast between all parties” earlier this week.
Audio magnate Sidney Harman bought Newsweek several months ago and agreed to create the jointly-owned Newsweek Daily Beast Company, which will be owned by Barry Diller’s InterActiveCorp (IAC) and Harman.
The merger will “raise the profile of the magazine’s bylines and quicken the pace of a great magazine’s revival,” Brown wrote.
Under the terms of the agreement, Brown will serve as the editor-and-chief for the new news entity.
Newsweek has been under financial stress during the past several years. Harman, 92, purchased it and its debt for $1, from the The Washington Post Company.
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