New York – IAC’s (NASD: IACI) The Daily Beast online news site announced
on Tuesday that it has completed its merger with Newsweek, creating The
Newsweek/Daily Beast Company.

Daily Beast founding partner and editor-in-chief
Tina Brown will serve as editor-in-chief of the combined entity, while Daily
Beast president Stephen Colvin will serve as CEO.

Directors of the new company
will include IAC chairman Barry Diller, and Newsweek publisher Dr. Sidney Harman,
who will serve as executive chairman.

"We now move forward with the vision
that Sidney Harman, Barry Diller and I have been relishing — the creation of a
vibrant company to continue the groundbreaking online Daily Beast and a
revitalized Newsweek," said Tina Brown.


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