‘Newsweek,’ Daily Beast to merge

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New York—After on-again, off-again negotiations, Newsweek and news and commentary website The Daily Beast announced that they have agreed to merge. The two brands will operate as a joint venture owned equally by Sidney Harman, who bought Newsweek from Washington Post Co. this summer, and IAC, which launched The Daily Beast in 2008.

Tina Brown, editor-in-chief of The Daily Beast, will hold the same title for both Newsweek and The Daily Beast. Stephen Colvin, who had been president of The Daily Beast, will be CEO of the combined venture, which will be called Newsweek Daily Beast Co. Brown is the former editor of The New Yorker. Colvin is the former CEO of Dennis Publishing U.S., where he oversaw the launch of The Week and Maxim.

The directors of Newsweek Daily Beast Co. will include Harman as executive chairman. IAC Chairman Barry Diller will also be a director.

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