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Tina Brown will be editor-in-chief at both The Daily Beast and
The Daily Beast online news site says it has reached a deal to merge with Newsweek magazine.
In a posting on its website Thursday, The Daily Beast's editor-in-chief, Tina Brown, says the two outlets will partner to create The Newsweek Daily Beast Co.
Brown says she will be editor-in-chief at both The Daily Beast and Newsweek. She says the deal will enable The Daily Beast to develop stories more suited to print and will increase the profile of the newsweekly's breaking news coverage and commentary.
"I see Newsweek and the Beast as a marriage between Newsweek's journalistic depth and the vibrant versatility The Daily Beast has realized on the web," Brown says in the announcement.
"The metabolism of The Daily Beast will help power the resurgence of Newsweek and Newsweek amplifies the range of talent and audience The Daily Beast can reach. The two entities together offer writers, photographers and marketers a powerful dual platform."
The joint venture will be owned equally by Sidney Harman, the 92-year-old stereo equipment mogul who bought Newsweek from The Washington Post this summer for $1, and IAC/Interactive Corp., a major Internet company owned by Barry Diller.
Brown says the deal took place Tuesday evening "with a coffee-mug toast between all parties."
The Daily Beast was launched in 2008. Newsweek began in 1933.
Material from The Associated Press was used in this report