The rumors of a merger between Newsweek and Tina Brown’s The Daily Beast were first reported unconfirmed by the New York Observer yesterday and then reported as confirmed after confirmation by Brown herself in a late-night blog post. Woof! That’s a lot of rumor-mongering.
The Washington Post Co. sold Newsweek to Sidney Harman for $1 in August. As part of the deal, Harman assumed the struggling newsweekly’s “tens of millions of dollars” of debt. The joint venture, which will be called The Newsweek Daily Beast Company, will be shared equally between Harman and Barry Diller’s IAC/InterActive Corp., which owns The Daily Beast.
Brown will be editor-in-chief of both Newsweek and The Daily Beast.
“Working at the warp-speed of a 24/7 news operation, we now add the versatility of being able to develop ideas and investigations that require a different narrative pace suited to the medium of print,” Brown wrote.
It’s going to be pretty intriguing to see how this merger plays out. On the one hand, I don’t see The Daily Beast changing all that much, but it would be nice to see Newsweek focus solely on longform, investigative news pieces.