”Newsweek” and “The Daily Beast” will be combining. Founder Brown announced this on “The Daily Beast” eelier today. The partnership is full half-and-half. The two advertising companies will continue publishing. The mixed The Newsweek Daily Beast Company will share one editor, who plans on fully utilizing both sides of the media coin.
Seeing ‘The Daily Beast’ and ‘Newsweek’ as one
For news and editorial, "The Daily Beast" is the place to go. For about 2 yrs, it has been running. It is run together by Tina Brown and Stephen Colvin. Brown is a former editor of "Vanity Fair" while Colvin had been the founder of "The Week" and "Maxim". Sidney Harmon bought "Newsweek" for $1 from "The Washington Post". "Newsweek" plans to continue operations. It has been going for 77 years already.
Two different partners working in media
Tina Brown, in an interview on NPR this morning, sounded incredibly excited about the possibilities of The Newsweek Daily Beast Company. A 24/7 news cycle is what the web is great for which could be "beast-like" hopefully. She then said that "Newsweek" could be doing something else entirely. Magazines, she claims, are the perfect medium for long-form, investigative, “meaningful” journalism the web simply can’t effortlessly support.
…having done so much Web news now, I can really see what a magazine can offer, which is unique within the marketplace … is a different kind of narrative rhythm. … In a magazine you can be more reflective…
This means that Newsweek will be the "arm" of the newest media company when "The Daily Beast" will have the "animal-like" energy that has been what it is known for.
The Newsweek Daily Beast Company
The new Newsweek Daily Beast Company has a full 50 percent split of control. Barry Diller and InterActive Corp are financing “The Daily Beast.”. Barry Diller is best known for creating USA Broadcasting and Fox Broadcasting Company. That's not all. Diller is also on the Expedia chair. Sidney Harmon only had to pay $1 for "Newsweek." This was because between 2007 and 2009 there had been a 38 percent drop in revenue. There is a hope the losses "Newsweek" has made can be balanced out by the revenues of the other company as $11 million is already what the first quarter of 2010 showed as a loss.
Citations
New York Times
mediadecoder.blogs.nytimes.com/2010/11/11/newsweek-and-daily-beast-partnership-to-be-announced/
NPR
npr.org/blogs/thetwo-way/2010/11/12/131265004/tina-brown-merger-of-newsweek-and-daily-beast-amplifies-both
Wikipedia
en.wikipedia.org/wiki/Newsweek
The Daily Beast
thedailybeast.com/blogs-and-stories/2010-11-11/the-daily-beast-and-newsweek-to-wed/
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