Press Release: 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.”