Washington – In a merger of old and new media, Newsweek
magazine announced on Thursday that it will merge with New York-based The Daily
Beast, an Internet-focused publication, to form a new joint venture. The news
comes just months after Sidney Harman acquired Newsweek from The Washington
Post Company for just $1 plus the assumption of the magazine’s debt.

The Daily
Beast, created two years ago, is owned by Barry Diller’s IAC (NASD:  IACI) and run by Tina
Brown, who was has been named the new editor-in-chief of both publications.

new joint venture — called The Newsweek Daily Beast Company — will be owned equally
by IAC and Harman.

"What does this exciting new media marriage mean?" wrote
Brown in a blog posting. "It means that The Daily Beast’s animal high spirits
will now be teamed with a legendary, weekly print magazine."

Brown has led
various magazines including the Tatler in the U.K., Vanity Fair and the New



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