Done Deal: Newsweek, The Daily Beast Officially Announce Merger

Once thought to be on life support, the agreement to merge Newsweek and The Daily Beast roared to recovery and became a reality Friday morning, as the magazine and Web site announced that they will merge their operations into a joint venture owned equally by Sidney Harman, who recently gained control of Newsweek, and Barry Diller-helmed IAC.

Harman will be executive chairman of The Newsweek Daily Beast Co., and Diller will be one director, with one apiece to be named from each side.

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