The Daily Beast acquires Newsweek

The Daily Beast agreed to acquire Newsweek, Inc. on November 11, 2010. The Daily Beast and Newsweek will merge to form The Newsweek Daily Beast Company which will be equally owned by Sidney Harmon and IAC/InterActiveCorp. Under the new structure, Newsweek will remain a printed weekly magazine, but its web operations will be incorporated into the Daily Beast's website. Tina Brown will become editor-in-chief of the newly merged operation of both publications. Harman will be executive chairman of the new venture while Daily Beast President Stephen Colvin will be Chief Executive Officer. The management will report to an independent board with IAC chairman Barry Diller serving as a Board Member.