It's official: Newsweek and the Daily Beast will merge. This morning's announcement comes after yesterday's rumors—and despite last month's report that merger talks were killed. Tina Brown will in fact serve as editor-in-chief of both Newsweek magazine and the Daily Beast; current Beast president Stephen Colvin will be CEO. The Newsweek Daily Beast Company will be owned by Sidney Harman and IAC and will include directors from both sides.
“I see Newsweek and the Beast as a marriage between Newsweek's journalistic depth and the vibrant versatility The Daily Beast has realized on the Web,” says Brown. “The metabolism of The Daily Beast will help power the resurgence of Newsweek and Newsweek amplifies the range of talent and audience The Daily Beast can reach. The two entities together offer writers, photographers, and marketers a powerful dual platform."