It's Official: Newsweek, Daily Beast to Merge

Companies make announcement amid rumors

By Evann Gastaldo,  Newser Staff

Posted Nov 12, 2010 6:53 AM CST

(Newser) – 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."

Newsweek magazine is displayed on a shelf at a news stand at South Station in Boston, Wednesday May 5, 2010.
Newsweek magazine is displayed on a shelf at a news stand at South Station in Boston, Wednesday May 5, 2010.   (AP Photo/Charles Krupa)
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In an admittedly challenging time, this merger provides the ideal combination of established journalism authority and bright, bristling website savvy.
- Dr. Sidney Harman, executive chairman

Tina and her truly great team have in Internet-time created an hourly, daily news magazine and now will have the ability to revive the weekly venerable Newsweek with all the tools and sensibility they've perfected.
- Barry Diller

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