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This, after talks were abandoned just recently. The new venture will be called the Newsweek Daily Beast. Tonight, Tina Brown, Daily Beast’s co-founder, announced the merger — “some weddings take longer to plan than others” — and will top edit. The Daily Beast is underwritten by Barry Diller’s IAC/InterActiveCorp (who’s been looking to get out from under) while Newsweek was recently purchased by Sidney Harman for $1 (because no one else wanted to keep the print edition going). Both media outlets are money-losing ventures, with Newsweek losing about $20M a year, and the Daily Beast about $10M this year. So now the combined company is a $30M a year loser?
Editor-in-Chief Nikki Finke - tip her here.
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Why don’t they just call it “Newsweek”? It’s a better brand and “Daily Beast” has always sounded stupid.
Doesn’t matter what they call it, because no one reads or cares about either one!
The best deal since the MySpace acquisition!
Awful name. “Week” and “Daily” in the same Brand. Smart…
Interesting news. Hopefully she will turn things around at the magazine that has become one of the most boring magazines ever. Will look for more news coverage and photography ( pictures pretty much banned from the recent magazine ). Was not going to renew subscription next year, but now will keep it up to see what Brown does with it. Hopefully she will NOT be bringing along Annie Liebovitz & her six figure photo-shoots.
If Tina works the same magic she worked at The New Yorker, Barry and Sid are in for a wild ride.
not sure if this makes financial sense but it does make intellectual sense…both publications are strongly centrist…seems like a good marriage.
sure…if you consider showing up at the polls to vote a straight Dem ticket as “centrist”
I’d go for Beastweek myself
The Newsbeast.
The Daily Week