Newsweek and the online magazine The Daily Beast are set to merge, according to several reports. The New York Observer
first reported that the two publications will announce a deal Friday morning that would bring Daily Beast editor Tina Brown back to the magazine world as the editor of the merged publication.
The deal, which is reportedly not yet finalized but expected to be completed, is described as a "50-50 merger of the two companies," with what the Observer describes as a "daily role" for new Newsweek owner Sidney Harman.
The Wall Street Journal was citing people familiar with the matter in its article, which also said the deal would be disclosed on Friday. Other media outlets were also reporting terms for a proposed combination were in place, including The New York Times; although the transaction wasn't deemed final.
Several outlets reported that Brown, who has edited The New Yorker and Vanity Fair, would report to a board of directors composed of Harman and IAC chairman Barry Diller. IAC currently owns The Daily Beast.
Harman had been searching for an editor for Newsweek, which he bought for $1 from the Washington Post Company in August.
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