The Daily Beast:News Week

Newsweek will merge into a 50-50 joint venture with the Daily Beast, publications, said Friday, an operation designed to combine the resources of the magazine and the depth to more sophisticated understanding of the Web site of the Internet culture.
The new entity will be called the Daily Beast Co Newsweek
Sidney Harman, who acquired the Newsweek Washington Post Co. / quotes/comstock/13 *! WPO / Sales / nls / Western Pacific (WPO 396.20, 4.41, 1.13%) last summer, will own the company equally with parents daily Beast IAC / InterActiveCorp / quotes/comstock/15 *! IIN / appointment / nls / IIN (IIN 28.05, -0.03, -0.11%), which is headed by Barry Diller. Financial terms were not disclosed.



Newsweek Daily Beast merger created entity called the Daily Beast Newsweek Co., owned by IAC / InterActiveCorp and Sidney Harmon, who bought the magazine Newsweek Washington Post Co. earlier this year.
Tina Brown, said the editor of the New Yorker and Vanity Fair, before founding the Daily Beast, will serve as editor in chief.
After lengthy discussions, it appeared that the agreement had died a few weeks ago, but the two sides were able to reach an agreement Tuesday, Brown told readers of late Thursday night in the Daily Beast site.
"Working at warp speed of a news operation 24 / 7, we now add the versatility to develop ideas and research that require a different narrative pace appropriate to the print medium," wrote Brown.
Newsweek said the magazine, founded in 1933, now earns "a prosperous first-line news and commentary that will raise the profile of bylines in the magazine."
Newsweek has suffered declines in advertising and circulation along with many other magazines in recent years, prompting its sale by the Washington Post Co.