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Newsweek/Daily Beast Deal Finally Complete

It’s been in the works for months, but the deal to merge Newsweek magazine and Tina Brown‘s The Daily Beast website is finally complete. As expected, The Daily Beast will be running the show. Brown will take over editorial operations for both entities and Daily Beast president Stephen Colvin will now be CEO of the joint venture. Pre-merger Newsweek owner Sidney Harman will be Executive Chairman.

Brown has been staffing up in anticipation of the merger. Yesterday it was announced she added exiled Village Voice writer Wayne Barrett and New Yorker staffer Peter J. Boyer to her crew. Not a bad way to start the week.

Press release after the jump:

NEW YORK, Feb. 1, 2011 /PRNewswire/ — Newsweek magazine and The Daily Beast, an
operating business of IAC (Nasdaq: IACI), announced today they have completed
their merger which was previously announced on November 12, 2010. The combined
company will now be known as The Newsweek/Daily Beast Company LLC. The directors
of the new company will include IAC Chairman Barry Diller and Dr. Sidney Harman,
who will serve as Executive Chairman.

Tina Brown, a founding partner and Editor-in-Chief of The Daily Beast, will
serve as Editor-in-Chief of the combined entity, and Stephen Colvin, former
President of The Daily Beast, will serve as CEO.

Sidney Harman said, “This is an exciting undertaking. We are convinced that the
combination of Newsweek and The Daily Beast will extend the frontiers of read
and heard news and of read and heard news opinion. Making the complex weekly
news both comprehensive and comprehensible will be our mission.”

“I’m very glad we’re now on our way…” said Barry Diller.

Tina Brown said, “The paperwork is finished, and we are officially a combined
company. 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.”

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