Tina Brown is a former editor of Vanity Fair and author of The Diana Chronicles Newsweek magazine is merging with news website The Daily Beast, it has been announced.
It will bring together one of US publishing’s oldest names with one of its newest, under the stewardship of former Vanity Fair editor Tina Brown.
She co-founded The Daily Beast two years ago and said the two companies would be a “powerful dual platform”.
Newsweek, established in 1933, was sold by the Washington Post to businessman Sidney Harman for $1 earlier this year.
The new venture, The Newsweek Daily Beast Company, will be jointly owned by Mr Harman and IAC, which owns websites including Ask.com and Reference.com.
IAC’s chairman and chief executive is the billionaire Barry Diller, a former chairman of broadcaster Fox.
“In an admittedly challenging time, this merger provides the ideal combination of established journalism authority and bright, bristling website savvy,” Mr Harman said.
Just last month, Tina Brown had written on The Daily Beast site that the deal was not to be.
But she confirmed that the deal had been sealed over coffee on Tuesday evening in Manhattan and the details of the deal hammered out on Thursday night.
“Some weddings take longer to plan than others,” she wrote.
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