NEW YORK—November 12, 2010—Newsweek magazine and The Daily Beast, an operating company of IAC [NASDAQ: IACI], announced today they have agreed to merge their operations in a joint venture to be owned equally by Sidney Harman and IAC.
The new entity will be called The Newsweek Daily Beast Company. The directors of the joint venture will include Dr. Harman as Executive Chairman, IAC Chairman Barry Diller, and one director each to be appointed from either side.
Dr. Harman (husband of Cong. Jane Harman) who acquired Newsweek magazine from the Washington Post Co. over the summer, said: “In an admittedly challenging time, this merger provides the ideal combination of established journalism authority and bright, bristling website savvy. I like partnering with Barry Diller and I look forward to building our company with Tina Brown and Stephen Colvin.”
Sidney Harman is Founder and Chairman Emeritus of Harman International, the worldwide audio manufacturer. He served as U.S Deputy Secretary of Commerce, founded the Program on Technology, Public Policy and Human Development at Harvard University and holds a Presidential Chair at the University of Southern California where he is Professor of Polymathy. He is a trustee of the California Institute of Technology. He is the founder of the Harman Center for the Arts and of Sidney Harman Hall in Washington, D.C.
Tina Brown, a founding partner and Editor-in-Chief of The Daily Beast, will be Editor-in-Chief of both Newsweek magazine and The Daily Beast. The President of The Daily Beast, Stephen Colvin, will serve as CEO of the
combined venture.
http://www.thedailybeast.com/articles/2010/11/12/newsweek-daily-beast-merge-announcement.html
Husband of congress critter Jane Harman, all I need to know to NEVER purchase any of their products or propaganda.