After months of on-again, off-again rumors, it was announced last night that Newsweek will merge with The Daily Beast, in a fifty-fifty wedding-style union between the two companies. Tina Brown will take over editorial for both companies, returning to the helm of a glossy, high-profile weekly.
The financial implications of the merger are still unclear, given that both publications are in dire financial straits. Newsweek was purchased by Sidney Harman for the token price of one dollar last month, and is set to lose about twenty-million dollars this year. The Beast will only lose about ten-million dollars in 2010.
Details are still scant. Staff at both publications will be informed officially of the merger in a meeting at 12:30pm this afternoon. However, early reports suggest that the likelihood of the two publications turning into one super-entity entitled The BeastWeek is slim.