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Deal finally agreed between Newsweek and the Daily Beast

Two-year-old website agrees new deal with 77-year-old print publication.

THE LONG-AWAITED DEAL BETWEEN Newsweek and the Daily Beast website has finally come to fruition.

Tina Brown, editor of the Daily Beast, announced in her blog that she will now become editor-in-chief at both publications.

The former editor of Vanity Fair and the New Yorker, Brown founded the Daily Beast news site two years ago.

Brown’s business partner at the Beast, Stephen Colvin, has been named CEO. Colvin launched the Week Magazine and maxim.

Brown wrote:

What does this exciting new media marriage mean? It means that The Daily Beast’s animal high spirits will now be teamed with a legendary, weekly print magazine in a joint venture, named The Newsweek Daily Beast Company.

A deal insider told the New York Times that both publications would retain their separate identities, despite the merger.

The NYT regards the deal as a win for both sides, as Brown regains the editorship of a well-known publication, while her addition to Newsweek staff will generate new buzz for the magazine.

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