Daily Beast, Newsweek to Merge
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Tina Brown is a magazine editor once again. With a “coffee-mug toast” on Tuesday, The Daily Beast and Newsweek finally consummated their long-anticipated merger that both sides hope will benefit two respected but money-losing brands.
The new company, combining a feisty news and opinion site and iconic print weekly, will be a joint venture called, awkwardly, The Newsweek Daily Beast Company. It will be owned equally by Barry Diller, IAC chairman and backer of the Beast; and Newsweek owner Sidney Harman.