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Newsweek Merges With Daily Beast

Posted 11/12/2010 9:30 am by

In some ways, it’s a merger of equals, but equals going in different directions.  Newsweek has been losing money and market share for years, culminating in a humiliating $1 sale to Sidney Harman in August.  The Daily Beast, a high-profile web venture launched and owned by Barry Diller’s InterActiveCorp, has 5 million uniques per month, but is essentially brand-new and has no real reputation.  Now, Newsweek and The Daily Beast have hitched their wagons together via a 50/50 merger.

“Some weddings take longer than others,” said current Daily Beast and future Newsweek Daily Beast Company editor-in-chief Tina Brown,in a Daily Beast blog post.  “Working at the warp speed of a 24/7 news operation, we now add the versatility of being able to develop ideas and investigations that require a different narrative pace suited to the medium of print.  And for Newsweek, The Daily Beast is a thriving frontline of breaking news and commentary that will raise the profile of the magazine’s bylines and quicken the pace of a great magazine’s revival.”

Yeah, good luck with that.  The first thing they need to do is change the name.  Newsweek Daily Beast Company is as bad as AOL Time Warner.  They should embrace the NewsBeast!  After that, you cross-post Daily Beast content to Newsweek and vice-versa.  Then you wait for the profits.

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