The Daily Beast and Newsweek have officially completed their merger and Newsweek is now 50 percent owned by Barry Diller‘s IAC, the parent company of The Daily Beast.

The news could not have come at a more interesting time: this morning, IAC reported its fourth-quarter results: IAC’s “media and other” division, which includes The Daily Beast (now The Daily Beast/Newsweek), CollegeHumor, Vimeo and more, lost $45 million, a 17% bigger loss than the year before.

The good news: revenue in the media division was up, to $66.7 million from $52 million, and this “primarily reflects increased contributions from Shoebuy.com, Notional, Electus, The Daily Beast and Vimeo.” The bad news: the losses are Tina Brown‘s fault, too. “Losses were negatively impacted by increased operating expenses at The Daily Beast and transaction expenses associated with the formation of its joint venture with Newsweek.”