The Daily Beast, the Web-based news site co-founded and edited by Tina Brown and owned by IAC/InterActiveCorp, has agreed to form a new 50/50 venture with
Newsweek magazine. The deal, which
comes weeks after initial merger talks were abandoned, will form a new venture called the Newsweek Daily Beast Co. Brown will serve as editor-in-chief of the group, which will report to an independent
board. Sidney Harman, who acquired
Newsweek from Washington Post Co. in September, will be executive chairman of the venture. Daily Beast President Stephen Colvin will be CEO.
