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?
The Wall Street Journal is reporting that talks between The Daily Beast and Newsweek have cratered. The two companies had been discussing a deal to make Tina Brown editor of Newsweek. But details couldn’t be worked out surrounding the division of power between Brown, new Newsweek owner Sidney Harman, and Barry Diller, who’s chairman …
SUBSCRIBE TO DEADLINE NEWS
News/Opinion PollLoading ...
By The Numbers - FILMS/TV/CABLE
Box Office PollLoading ...
‘Fast & Furious 6′ Montage