Newsweek merges with Daily Beast
15 November 2010
Newsweek and the Daily Beast have announced a deal to merge their operations.
Daily Beast operator IAC and Newsweek owner Sidney Harman will share an equal stake in a new company called The Newsweek Daily Beast Company.
Harman, as executive chairman, and IAC chairman Barry Diller have been appointed directors. Founding partner and editor in chief of the Daily Beast Tina Brown will become editor in chief of both publications, while president of the Daily Beast Stephen Colvin will serve as chief executive of the joint venture.
News and culture website the Daily Beast has become one of the biggest news brands in the US since its creation two years ago. It boasts an audience of nearly 5 million monthly unique visitors and was ranked by Time magazine as one of the top five best news sites in the US.
"Consumers and advertisers value media distributed across multiple platforms. The merger of The Daily Beast and Newsweek audiences creates a powerful global media property for the digital age," said Colvin.
Lynsey Barber, London