Newsweek, Daily Beast Announce Merger

Friday, 12 November 2010 | by Pat's Picks

They’re losing money at Newsweek, about $20 million this year. And they’re losing money at the Daily Beast—about $10 million, according to insiders. So why not combine? The Wall Street Journal has the details on the merger which will create one Tina Brown-helmed venture called the Newsweek Daily Beast Co. The Journal points out that while Brown has a reputation for saving troubled titles, online-only news outlets have had a difficult time turning a profit.