Friday, November 12, 2010

One Liberal Rag Down - A Thousand To Go - Newsweek Merger - Newsweek Fails

NEW YORK – Newsweek magazine and The Daily Beast, an operating company of IAC [NASDAQ: IACI], announced today they have agreed to merge their operations in a joint venture to be owned equally by Sidney Harman and IAC.

The new entity will be called The Newsweek Daily Beast Company. The directors of the joint venture will include Dr. Harman as Executive Chairman, IAC Chairman Barry Diller, and one director each to be appointed from either side.
Dr. Harman, who acquired Newsweek magazine from the Washington Post Co. over the summer, said: “In an admittedly challenging time, this merger provides the ideal combination of established journalism authority and bright, bristling website savvy. I like partnering with Barry Diller and I look forward to building our company with Tina Brown and Stephen Colvin."
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