The Newsweek Daily Beast Company
| Joint venture | |
| Industry | Newspapers |
| Genre | media |
| Founded | November 2010 |
| Defunct | November 2013 |
|
Key people
|
Baba Shetty, CEO |
| Products | Newsweek, The Daily Beast |
| Owner |
IAC (50%) Estate of the late Sidney Harman (50%) |
| Website | http://www.newsweek.com/ |
The Newsweek Daily Beast Company was an American media company, and owner of Newsweek and The Daily Beast. It was established in 2010 as a merger between the two media outlets. The company was owned by IAC and the estate of the late Sidney Harman, with Stephen Colvin of The Daily Beast as CEO.
Newsweek magazine was launched in 1933 by a group of U.S. stockholders "which included Ward Cheney, of the Cheney silk family, John Hay Whitney, and Paul Mellon, son of Andrew W. Mellon," according to America's 60 Families by Ferdinand Lundberg. The Daily Beast was founded in 2008 by Tina Brown, former editor of Vanity Fair and The New Yorker as well as the short-lived Talk Magazine.
Newsweek was purchased by The Washington Post Company in 1961. With increasing competition from online news sources, years of financial losses forced the Company to sell the magazine in 2010 to Harman Media, owned by Sidney Harman.
In November 2010, it was announced that Newsweek and The Daily Beast would merge into a joint venture named The Newsweek Daily Beast Company, with IAC and Sidney Harman each owning 50 percent of the new company. Harman's rationale for the merger was that: "In an admittedly challenging time, this merger provides the ideal combination of established journalism authority and bright, bristling website savvy." The company plans to redirect the Newsweek.com address to The Daily Beast, despite the fact that the former has higher traffic.
Tina Brown, who co-founded The Daily Beast, acts as editor-in-chief for both Newsweek and The Daily Beast.
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