The Newsweek Daily Beast Company
Encyclopedia
The Newsweek Daily Beast Company is an American media
company, and owner of Newsweek
and The Daily Beast
. It was established in 2010 as a merger between the two media outlets. The company is owned by IAC and Sidney Harman
, with Stephen Colvin of The Daily Beast as CEO.
magazine was launched in 1933 by a group of U.S. stockholders "which included Ward Cheney, of the Cheney silk family, John Hay Whitney
, and Paul Mellon
, son of Andrew W. Mellon
," according to America's 60 Families by Ferdinand Lundberg
. The Daily Beast was founded in 2008 by Tina Brown
, former editor of Vanity Fair
and The New Yorker
as well as the short-lived Talk Magazine
.
Newsweek was purchased by the Washington Post Company
in 1961. With increasing competition from online news sources, years of financial losses forced the Company to sell the magazine in 2010 to Harman Media, owned by Sidney Harman
.
named The Newsweek Daily Beast Company, with IAC and Sidney Harman each owning 50% of the new company. Harman's rationale for the merger was that: "In an admittedly challenging time, this merger provides the ideal combination of established journalism authority and bright, bristling website savvy." The company plans to redirect the Newsweek.com address to The Daily Beast, despite the fact that the former has higher traffic.
Tina Brown, who co-founded The Daily Beast, will act as editor-in-chief for both Newsweek and The Daily Beast.
Reception to the merger has not been positive. As former Newsweek president Mark Edmiston comments on the New York Times, "I don’t see how you can take two money-losing businesses and put them together and come up with a single entity that makes money." As the two businesses target very different demographics, Edmiston questioned the appeal of the merger to advertisers.
Newsweek staffers have reacted ambivalently to the merger. There is opposition against redirecting the Newsweek.com site, due to the amount of effort and work that staffers have spent on building the site. The news came unexpectedly to staffers, a sentiment reflected on SaveNewsweek.com, which states that "It’s always nice to wake up and find out in the Times that your job is doomed".
, a news magazine, and The Daily Beast
, a news website.
Mass media
Mass media refers collectively to all media technologies which are intended to reach a large audience via mass communication. Broadcast media transmit their information electronically and comprise of television, film and radio, movies, CDs, DVDs and some other gadgets like cameras or video consoles...
company, and owner of Newsweek
Newsweek
Newsweek is an American weekly news magazine published in New York City. It is distributed throughout the United States and internationally. It is the second-largest news weekly magazine in the U.S., having trailed Time in circulation and advertising revenue for most of its existence...
and The Daily Beast
The Daily Beast
The Daily Beast is an American news reporting and opinion website founded and published by Tina Brown, former editor of Vanity Fair and The New Yorker as well as the short-lived Talk Magazine. The Daily Beast was launched on October 6, 2008, and is owned by IAC...
. It was established in 2010 as a merger between the two media outlets. The company is owned by IAC and Sidney Harman
Sidney Harman
Sidney Harman was an American businessman active in education, government, industry, and publishing. He was the Chairman Emeritus of Harman International Industries, Inc. Harman served as the U.S. Under Secretary of Commerce in 1977 and 1978. As of August 2010 Harman was also the publisher of...
, with Stephen Colvin of The Daily Beast as CEO.
History
NewsweekNewsweek
Newsweek is an American weekly news magazine published in New York City. It is distributed throughout the United States and internationally. It is the second-largest news weekly magazine in the U.S., having trailed Time in circulation and advertising revenue for most of its existence...
magazine was launched in 1933 by a group of U.S. stockholders "which included Ward Cheney, of the Cheney silk family, John Hay Whitney
John Hay Whitney
John Hay Whitney , colloquially known as "Jock" Whitney, was U.S. Ambassador to the United Kingdom, publisher of the New York Herald Tribune, and a member of the Whitney family.-Family:...
, and Paul Mellon
Paul Mellon
Paul Mellon KBE was an American philanthropist, thoroughbred racehorse owner/breeder. He is one of only five people ever designated an "Exemplar of Racing" by the National Museum of Racing and Hall of Fame...
, son of Andrew W. Mellon
Andrew W. Mellon
Andrew William Mellon was an American banker, industrialist, philanthropist, art collector and Secretary of the Treasury from March 4, 1921 until February 12, 1932.-Early life:...
," according to America's 60 Families by Ferdinand Lundberg
Ferdinand Lundberg
Ferdinand Lundberg was a 20th century economist and journalist who studied the history of American wealth and power.-Background:...
. The Daily Beast was founded in 2008 by Tina Brown
Tina Brown
Tina Brown, Lady Evans, CBE , is a journalist, magazine editor, columnist, talk-show host and author of The Diana Chronicles, a biography of Diana, Princess of Wales. Born a British citizen, she took United States citizenship in 2005 after emigrating in 1984 to edit Vanity Fair...
, former editor of Vanity Fair
Vanity Fair (magazine)
Vanity Fair is a magazine of pop culture, fashion, and current affairs published by Condé Nast. The present Vanity Fair has been published since 1983 and there have been editions for four European countries as well as the U.S. edition. This revived the title which had ceased publication in 1935...
and The New Yorker
The New Yorker
The New Yorker is an American magazine of reportage, commentary, criticism, essays, fiction, satire, cartoons and poetry published by Condé Nast...
as well as the short-lived Talk Magazine
Talk (magazine)
Talk was an American magazine published from 1999 to 2001.When it was launched as a joint venture between Miramax and Hearst Publishing, under the editorship of Tina Brown , it generated notoriety for its celebrity profiles and interviews...
.
Newsweek was purchased by the Washington Post Company
Washington Post Company
The Washington Post Company is an American education and media company, best known for owning the newspaper for which it is named, The Washington Post. The Company also owns Kaplan, Inc., a leading international provider of educational and career services for individuals, schools and businesses...
in 1961. With increasing competition from online news sources, years of financial losses forced the Company to sell the magazine in 2010 to Harman Media, owned by Sidney Harman
Sidney Harman
Sidney Harman was an American businessman active in education, government, industry, and publishing. He was the Chairman Emeritus of Harman International Industries, Inc. Harman served as the U.S. Under Secretary of Commerce in 1977 and 1978. As of August 2010 Harman was also the publisher of...
.
Merger
In November 2010, it was announced that Newsweek and The Daily Beast will merge into a joint ventureJoint venture
A joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets...
named The Newsweek Daily Beast Company, with IAC and Sidney Harman each owning 50% of the new company. Harman's rationale for the merger was that: "In an admittedly challenging time, this merger provides the ideal combination of established journalism authority and bright, bristling website savvy." The company plans to redirect the Newsweek.com address to The Daily Beast, despite the fact that the former has higher traffic.
Tina Brown, who co-founded The Daily Beast, will act as editor-in-chief for both Newsweek and The Daily Beast.
Reception to the merger has not been positive. As former Newsweek president Mark Edmiston comments on the New York Times, "I don’t see how you can take two money-losing businesses and put them together and come up with a single entity that makes money." As the two businesses target very different demographics, Edmiston questioned the appeal of the merger to advertisers.
Newsweek staffers have reacted ambivalently to the merger. There is opposition against redirecting the Newsweek.com site, due to the amount of effort and work that staffers have spent on building the site. The news came unexpectedly to staffers, a sentiment reflected on SaveNewsweek.com, which states that "It’s always nice to wake up and find out in the Times that your job is doomed".
Company holdings
The Company owns NewsweekNewsweek
Newsweek is an American weekly news magazine published in New York City. It is distributed throughout the United States and internationally. It is the second-largest news weekly magazine in the U.S., having trailed Time in circulation and advertising revenue for most of its existence...
, a news magazine, and The Daily Beast
The Daily Beast
The Daily Beast is an American news reporting and opinion website founded and published by Tina Brown, former editor of Vanity Fair and The New Yorker as well as the short-lived Talk Magazine. The Daily Beast was launched on October 6, 2008, and is owned by IAC...
, a news website.