Newsweek, Daily Beast to Merge
Newsweek magazine and news Web site The Daily Beast have agreed to a deal that will make Daily Beast co-founder Tina Brown the editor-in-chief of the combined operation, according to people familiar with the situation, three weeks after they abandoned talks of a merger over a disagreement about control.
Under the proposed agreement, expected to be disclosed on Friday, the two news organizations will be combined in a 50-50 joint venture called the Newsweek Daily Beast Company, the people said.
The two parties began exploring a merger late in the summer after Sidney Harman, the 92-year-old stereo-equipment tycoon, acquired Newsweek from the Washington Post Co. Initially, Mr. Harman sought to hire Ms. Brown as editor. The courtship sparked talks about combining the two news organizations under the editorial direction of Ms. Brown, who would report to an independent board.
