NEW YORK, April 26, 2012 /PRNewswire/ -- The Newsweek/DailyBeast Company LLC and TStone Corp., a leading Asian private equity firm which focuses on media, education and financial services are entering into a joint venture in Asia. The JV will create a pan-Asian media group with a focus on expanding the current Asian edition of Newsweek magazine through added local editorial focus and increased distribution while also expanding the brand into new business initiatives including digital, broadcast and events.
Stephen Colvin, CEO of The Newsweek Daily Beast Company said, "We are delighted to form this new venture with TStone Corp whose proven business acumen and expertise in conducting successful business in Asia will allow Newsweek to realize its full potential in this increasingly important region of the world."
Said Joonhee Won, CEO of TStone Corp., "We are delighted to be entering into this joint venture with The Newsweek Daily Beast Company. Newsweek is one of the world's most respected and successful media brands. We look forward to expanding in Asia beyond magazines to other areas of media in both the traditional and digital arenas."
About The Newsweek/Daily Beast Company The Newsweek/Daily Beast Company LLC was formed in February 2011 with the merger of the revered print brand and the thriving news website. It combines the 24/7 warp speed of The Daily Beast with the in depth analysis, and investigative power of Newsweek magazine. The combined operation now attracts 12 million online visitors a month and over 17 million magazine readers per issue.
About TStone Corp. TStone Corp. is one of the leading private equity firms in Asia. Established in 2001, TStone has built a track record of successful investments across various industries including media and education through a disciplined, value-oriented, and hands-on investment approach. TStone has significant cross-border transactional experiences as well as helping companies implement global expansion strategies. TStone's offices are located in Seoul and Singapore.