Newsweek and The Daily Beast Merge

NEW YORK, Feb. 1, 2011 /PRNewswire/ -- Newsweek magazine and The Daily Beast, an operating business of IAC (Nasdaq: IACI), announced today they have completed their merger which was previously announced on November 12, 2010.  The combined company will now be known as The Newsweek/Daily Beast Company LLC.  The directors of the new company will include IAC Chairman Barry Diller and Dr. Sidney Harman, who will serve as Executive Chairman.

Tina Brown, a founding partner and Editor-in-Chief of The Daily Beast, will serve as Editor-in-Chief of the combined entity, and Stephen Colvin, former President of The Daily Beast, will serve as CEO.

Sidney Harman said, "This is an exciting undertaking.  We are convinced that the combination of Newsweek and The Daily Beast will extend the frontiers of read and heard news and of read and heard news opinion.  Making the complex weekly news both comprehensive and comprehensible will be our mission."

"I'm very glad we're now on our way…" said Barry Diller.

Tina Brown said, "The paperwork is finished, and we are officially a combined company.  We now move forward with the vision that Sidney Harman, Barry Diller and I have been relishing—the creation of a vibrant company to continue the groundbreaking online Daily Beast and a revitalized Newsweek."

About Newsweek

Newsweek is written with a global perspective for a global audience. Since its founding in 1933, the magazine has served as the world's preeminent conversation starter. With engaging content, up-to-the-moment news coverage and thought-provoking editorials, Newsweek offers its readers the content they are looking for—on the platform that suits their lifestyle.

About The Daily Beast

The Daily Beast provides a smart, up-to-the-minute, speedy read of what is happening in politics, world affairs, finance, science, culture and more.  It is curated to avoid information overload while presenting fresh work and poly-partisan opinion from a talented roster of contributors.

About IAC

IAC operates more than 50 leading and diversified Internet businesses across 30 countries... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To view a full list of the companies of IAC please visit our website at www.iac.com.

SOURCE The Daily Beast