11/12/2010 5:39 AM
Newsweek and The Daily Beast will join forces, reports the New York Times. According to the story, “the Newsweek-Daily Beast partnership joins three outsize personalities: Sidney Harman, the 92-year-old stereo mogul who recently bought Newsweek for $1; Barry Diller, the media magnate who finances The Daily Beast and a host of other Web properties; and Ms. (Tina) Brown, whose various stints as a high-flying — and high-spending — editor over three decades have always drawn intense curiosity from the media business.”
One person who was involved in the deal, according to the NY Times story, said both publications would retain their separate identities and “The arrangement is in many ways a win-win for both sides, with Mr. Harman getting a respected editor who will generate buzz around a magazine that many in the publishing world had left for dead, and Ms. Brown gaining an editing job back in a well-known publication.
“It also gives Mr. Diller, a member of the board of The Washington Post Company, the longtime former owner of Newsweek, a print magazine. That has the potential for far more revenue than The Daily Beast, a digital news and aggregation enterprise that has been neither fish nor fowl.”
More at http://mediadecoder.blogs.nytimes.com/2010/11/11/newsweek-and-daily-beast-partnership-to-be-announced/?partner=rss&emc=rss