IAC Takes Control of Newsweek/The Daily Beast

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By Chris O'Shea Comment

According to Reuters, the family of the late Sidney Harman has stopped investing in Newsweek/The Daily Beast. Since IAC continues to subsidize the venture, its 50 percent interest is now a controlling stake.

The family decided to stop giving to Newsweek/The Daily Beast because it wanted to cap contributions, but wouldn’t say what that number was.

The Harman’s family’s statement to Reuters:

The Harman family remains supportive partners in the business of Newsweek Daily Beast, including service on the Board by Jane Harman and family participation in various informal roles. However, given the death of Sidney Harman, who was actively involved in the Newsweek Daily Beast business, the Harman trust has indicated that it does not intend to make further capital contributions to the venture.