'Newsweek' announces merger with The Daily Beast

By ASSOCIATED PRESS
November 13, 2010 03:15

NEW YORK — Newsweek, a 77-year-old magazine that once helped set the national news agenda, is linking its future with a startup website just two years in the making, it announced on Friday.

Three months after agreeing to buy the money-losing weekly for $1, audio equipment magnate Sidney Harman has completed on-again, off-again negotiations to merge it with The Daily Beast.

It is not just a marriage between old and new media. Harman will also be getting magazine veteran Tina Brown as editor-in-chief of Newsweek. Brown, who was a co-founder of The Daily Beast, had led both Vanity Fair and The New Yorker before deciding to give Web publishing a try.

Brown said in a posting Thursday on The Daily Beast that the deal was settled Tuesday evening "with a coffee-mug toast between all parties."


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