Newsweek To Merge With Daily Beast

Published by: Frank Galvano on 12th Nov 2010 | View all blogs by Frank Galvano
newsweek logo.jpg
Daily Beast logo.jpg
Newsweek To Merge With Daily Beast

Newsweek magazine has reportedly agreed to terms with the website The Daily Beast, according to Tina Brown, co-founder and editor for the online newspaper.  The two companies had abandoned merger talks several weeks ago, but have evidently resumed talks and finalized a deal.

The two companies will reportedly merge into a 50-50 joint venture that will be known as the Newsweek Daily Beast Company.  Management will report to an independent board.  Brown, who has previously served as an editor for The New Yorker and Talk Magazine, will serve as the editor-in-chief of the new company.

Newsweek has been functioning without an editor since its owner, stereo magnate Sidney Harman, purchased the company from the Washington Post Co. for a token cash price of $1 back in September.  Harman, 92, will serve as executive chairman of the new venture while Daily Beast President Stephen Colvin will serve as CEO.

The Wall Street Journal recently reported that Newsweek is on pace to lose $20 million this year, while the Daily Beast is headed towards a loss of $10 million.

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