And we enter the age of the NewsBeast.
From Reuters, news of the pending media apocalypse…
NEW YORK, Nov 11 (Reuters) – Website Daily Beast (www.thedailybeast.com) and magazine Newsweek have agreed a deal to combine, Daily Beast co-founder and editor Tina Brown said, just weeks after abandoning merger talks.
The agreement will combine the two groups in a 50-50 joint venture called the Newsweek Daily Beast Company. Management will report to an independent board.
Brown, Daily Beast’s co-founder and a former editor of The New Yorker and Talk magazines, will be editor-in-chief of the new group.
“Some weddings take longer to plan than others,” Brown wrote in on the Daily Beast website early on Friday, saying the deal had been agreed “with a coffee-mug toast” on Tuesday evening and finalised Thursday night.
Both companies are bleeding red ink. Together, however, they will bleed much more fabulously. And now that Arianna Huffington has hired former Newsweek star Howard Fineman, you do know that this really, really means war…