Newsweek: The One That Got Away…

November 12, 2010 § Leave a comment

Only to come back.

That’s right fellow media romantics, The Daily Beast‘s Tina Brown is at it again with  Newsweek Magazine.

The Daily Beast's Tina Brown.

After parting ways just last month, the Daily Beast is finally set to merge with Newsweek, making Brown editor-in-chief of not only her feisty web aggregator child, but also head honcho at the iconic and failing weekly magazine.

Newsweek's Sidney Harman

Brown confirmed the rumors on a column on the Daily Beast, which read: “Daily Beast, Newsweek To Wed!

It’s nice to see the two crazy kids finally get past their differences and just tie the media knot already, but in case you’re interested–here’s the nitty gritty of the new deal:

  • New company to be named “Newsweek Daily Beast Company”
  • Ownership will be split 50/50 by IAC’s Barry Diller (co-founder of the Beast in 2008) and Newsweek’s Sidney Harman.
  • No word yet on what the merger will mean for Newsweek and The Daily Beast as separate entities, although the Times is reporting that both “would retain their separate identities” (whatever that means).
  • Harman will finally get an editor-in-chief for the magazine with extensive print experience and an online following (Brown was former editor of Vanity Fair and The New Yorker.)
  • IAC and the Beast have the potential to see mega-profits with the redesign of an old print favorite.

Not to split hairs, but what exactly broke up the two anyway?

Well, apparently Harman felt like he was getting squeezed out of the company during deal talks. The 92-year-old audio pioneer, who purchased the company from the Washington Post Co. for $1 this past summer, absorbed the magazine’s $71 million debt and poised to turn around the failing weekly.

Only time will tell if these two can make it work. Here’s hoping that I won’t have to return that blender.


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